Don’t look now, but Facebook (FB) shares are on a little bit of a run.
The beaten-down stock popped 6%, closing at just a few ticks below $30 a share. Facebook shares haven’t seen the $30 mark since before Memorial Day.
With today’s gains, Facebook shares have climbed 13.5% in the last nine trading sessions since dipping below $26 a share on June 5. It’s still nowhere near its $38 IPO price, but at least the stock isn’t motoring toward $20 a share like many analysts had forecast.
Facebook was just one of several tech stocks that made a big move today. The tech-heavy Nasdaq index rose 1.2%, outpacing other U.S. markets. Netflix (NFLX), Amazon (AMZN) and Microsoft (MSFT) were other Nasdaq stocks making big moves. Netflix jumped 5% while Amazon and Microsoft both climbed more than 2%.
This was the first weekly gain for Facebook since its much-hyped May 18 IPO. The stock was basically flat on its first day of trading, and had declined every week since.
Perhaps this week’s turnaround will signal the end of the social network’s reign as a publicly traded laughingstock.
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