Facebook Hits Record as Megacap Tech Stocks March Higher

(Bloomberg) — Facebook Inc. shares surged to a record high Monday, with megacap Internet and technology stocks rallying amid optimism about the strong pace of economic growth.Shares of Facebook gained as much as 3.8% to touch an intraday record of $309.89, with the social-media company taking out a peak that has stood since August. Robust economic data on the service industries supported an advance in cyclical and growth-orientated industries, fueling the S&P 500 Index’s gain for a third day.The communication services and information technology sectors were among the strongest-performing stocks of the day. Alphabet Inc., the parent company of Google, rose 3.9% and also surged to an intraday record. Among other notable tech gainers, Amazon.com rose 1.9%, Apple Inc. gained 2.1%, and Microsoft Corp. was up as much as 3.1% at an all-time high.Shares of tech behemoths have broadly performed well this year — despite a rotation into value stocks — amid a strong vaccine rollout in the U.S., stoking enthusiasm of rapid economic growth. Of the market’s biggest tech names, Amazon is the only one that hasn’t hit an intraday record in 2021.“This old guard of tech has real earnings power,” Arthur Hogan, chief market strategist at National Securities…
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