Facebook 5-Day Winning Streak Sends Shares Past January Record

(Bloomberg) -- A Facebook Inc. rally pushed shares of the social-media company to a record on Wednesday.

Facebook rose as much as 6% to $230.33, extending a winning streak to the fifth-consecutive day. Facebook’s previous closing high was on Jan. 29 at $223.23. The stock has now gained 11% for the year and 56% since March 16.

Investors have embraced big technology companies with strong balance sheets and revenue growth amid the coronavirus pandemic.

After a first-quarter selloff on fears of a decline in digital advertising, Facebook offered reassurances in late April with better-than-expected sales in the first quarter, and comments about stabilization in the first few weeks of the second quarter. The latest optimism came from e-commerce updates Facebook unveiled on Tuesday, which analysts expect will help accelerate revenue growth.

Amazon.com Inc., which has seen demand surge from home-bound customers, also briefly rose to a record on Wednesday with a gain of 1.7%.

©2020 Bloomberg L.P.