Facebook, Apple and Amazon set new records on NYSE as tech stocks shine

Investors’ uncertainty about the FAANG group of technology megacaps appears to be over -- at least for now -- as Facebook Inc., Apple Inc., Amazon.com Inc. and Netflix Inc. all closed at new highs.

Social media giant Facebook, which plunged 10 percent in March amid a backlash about how it handled user data, rose 1.2 percent on Friday to close at a record $193.99. The stock had surged 12 percent in May for its best monthly performance in almost a year. Analysts expect the rally to continue. Their average price target of $222.18 implies an additional 15 percent upside for the stock.

Apple, Netflix and Amazon also notched milestones on Friday as tech led the broader market gains. Amazon has been in uncharted territory for more than a week as the shares extend a seven-day winning streak. The 10-member NYSE FANG+ Index also closed at a record.

Business Standard is now on Telegram.
For insightful reports and views on business, markets, politics and other issues, subscribe to our official Telegram channel