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May 20, 2020

Facebook 5-day winning streak sends shares past January record

David Burrows discusses Facebook

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

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

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