Alphabet reaches five-month high on China bets

Monday, 04. March 2019 16:29

Technology stocks led the way on Monday in a rally fueled by optimism based on unconfirmed reports that the United States is carving up the final stages of a comprehensive agreement with China. Besides the potential boost to the real economy, risk appetite surged and helped companies with exposure to or plans for expansion in the most populous nation. Alphabet Inc.'s class C shares spiked to as high as $1,158.2804, a level unseen since October 8.

However, the owner of Google Llc didn't climb as much on a daily basis as some of its peers from the so-called FAANG group. While the search giant was 0.97% higher at 10:28 pm ET, selling for $1,152.1 after paring some of the jump, Inc. was 2.1% up at $1,706.9 per share, the highest mark since the end of January.

Facebook Inc. added 2.11% to trade at $165.71 after touching $166.29, a level last registered on February 12. Apple Inc. gained 1.37% to $177.36. The session high, $177.75 per share, was a record since December 4. Netflix Inc. advanced only 0.6% to $359.47. The benchmark Nasdaq 100 index rose 0.61%. It increased 13.67% year to date, compared to 11.24% for Alphabet.

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Breaking the News / IT