Facebook Leading Techs Higher
Tech stocks had an absolute field day Monday, with Internet stocks up around 2%. One of the most heavily traded of the techs, Facebook Inc. (FB), was up about 3.5% and was the morning's most actively traded name.
Is there anything special going on? Well the Dow Jones Industrial Average has hit a new all-time high and the S&P 500 is staring at 1,900. And those moves are like the flu -- one investor picks it up from the doorknob touched by the last investor to walk into the room. Momentum is another word for it, and tech's got it.
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In addition to Facebook, Salesforce.com Inc. (CRM) was up 5.6% and was the S&P 500’s leading gainer. Netflix Inc. (NFLX) was up more than 4%, Pandora Media Inc. (NYSE: P) was up more than 4% and Twitter Inc. (TWTR) was up almost 4%.
Why Monday? With momentum stocks the answer is almost always, "Why not today?" There does not appear to be any news-related reason for the tech stocks' rise, so we might as well attribute the rise to a stampede out of value and dividend stocks and into growth stocks. That's my story and I'm sticking to it.
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Facebook shares traded at $59.01, up 3.1% in the noon hour, within the 52-week range of $22.67 to $72.59.
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