Tech

Facebook, Alphabet and Microsoft shares soar to all-time highs

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Key Points
  • Shares of Facebook, Alphabet and Microsoft each hit all-time highs Monday as investors rotated away from cyclical stocks and poured back into growth.
  • The gains came amid broader market sentiment, boosted by strong U.S. job growth last month.
Facebook's CEO Mark Zuckerberg speaks during the F8 Facebook Developers conference on April 30, 2019 in San Jose, California.
Justin Sullivan | Getty Images

Shares of Facebook, Alphabet and Microsoft each hit all-time highs Monday as investors rotated away from cyclical stocks and poured back into growth.

Facebook surged as much as 4%, closing up 3.4%. Alphabet closed up 4.2%, having gained as much as 4.6%, while Microsoft closed up 2.8%. It had jumped as much as 3.1%.

The gains came amid broader market sentiment, boosted by strong U.S. job growth last month. The tech-heavy Nasdaq Composite gained 1.7%, while the Dow Jones Industrial Average rose 373.06 points to an all-time high.

The tech companies' peers also were boosted early Monday. Shares of Apple were up as much as 2.6%, while Amazon was up 2.4%.

Tesla, meanwhile, continued to pop on production and delivery figures that broadly beat expectations. The company's stock was up as much as 7%.

Alphabet was also likely boosted after the Supreme Court sided with Google against Oracle in a long-running copyright dispute over the software used in Android. Morgan Stanley also wrote in a Monday note that its analyst, Brian Nowak, said the Google parent company was "a favored pick at ~13x '22 EBITDA with several upside drivers — dark horse travel trade, surging YouTube trends, continued Google Cloud Platform top-line traction, and potential margin upside with opex discipline."

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