Social media giant, Facebook today rallied as much as 3.8% to touch an intraday record of $309.89 per share.
Strong growth from the world’s biggest economy boosted buying pressure among global investors as impressive economic data from America’s service industries coupled with an advance in cyclical industries fueled the hike in Facebook’s shares.
In addition, Alphabet Inc., the parent company of Google, also recorded as much as 4% amid reports that it won its supreme court case against Oracle, a case that has lingered for about 3 years.
Among other notable Tech companies, Amazon.com rose 1.9%, Apple Inc surged by 2.1%, and Microsoft Corp. was up as much as 3.1%.
Tech giants are surprisingly recording impressive gains despite a rotation into utility and energy-based stocks.