Shares of a number of tech giants touched fresh 52-week highs on Thursday, including Facebook, Netflix and Amazon, as stocks jumped to records in the third trading session of 2018.
Facebook Inc. hit a fresh 52-week peak at $186.21, with a gain of nearly 10% so far this week, Amazon.com Inc.'s shares rose to a peak at $1,215.87, up 3.5% on the week, while shares of Netflix Inc. carved out a new top at $207.05, with a gain of 6.6% so far this year, though prices pulled back somewhat. Google-parent Alphabet class A shares also hit a 52-week top at $1,104.08, while C shares also notched a peak at $1,093.57.
Both share classes are up about 4% this week. Those companies represent the components of the so-called FAANG stocks, which have helped to lead the tech-laden Nasdaq Composite Index to a psychologically significant move above 7,000 for the first time ever on Tuesday. The Nasdaq was recently up 0.2% at 7,075. Absent from the FAANG cadre hitting fresh highs were Apple Inc. shares which were up seeing a muted gain, while the Dow Jones Industrial Average advanced 0.7%, but last hit a 52-week high on Dec. 18 at 177.20.
Meanwhile, the Dow Jones Industrial Average where Apple is a component, was up 160 points, or 0.6%, at 25,074, breaking above 25,000 for its first time ever, while the S&P 500 index climbed 0.4% at 2,724, notching a record peak of its own in intraday trade, and highlighting a firm start to the year for equity benchmarks that have enjoyed a relentless run-up last year.
Source : Market Watch