As investors shifted away from cyclical equities and flooded back into growth companies on Monday, shares of Facebook, Alphabet, and Microsoft all reached record highs. facebook alphabet microsoftbursztynskycnbc.
Facebook jumped up to 4% before ending up at 3.4%. Alphabet climbed as high as 4.6% before ending the day up 4.2%, while Microsoft ended the day up 2.8%. Its increase reached 3.1%.
The increases coincided with an uptick in market confidence brought on by last month’s robust job growth in the United States. The Dow Jones Industrial Average increased by 373.06 points to an all-time high, while the tech-heavy Nasdaq Composite increased by 1.7%.
Peers of the IT companies saw early Monday gains as well. Apple’s stock rose as high as 2.6%, while Amazon’s rose by 2.4%.
In the meantime, production and delivery numbers for Tesla continued to outperform forecasts. Stock in the corporation increased by as much as 7%.
The Supreme Court’s decision to agree with Google over Oracle in a protracted legal battle over the copyright of the Android software is another factor that helped the alphabet’s popularity. The Google parent company was described as “a favored pick at 13x ’22 EBITDA with several upside drivers — dark horse travel trade, rocketing YouTube patterns, sustained Google Cloud Platform top-line traction, and prospective margin upside with opex discipline,” according to a Monday note from Morgan Stanley and its analyst, Brian Nowak.