Tech giants Facebook and Amazon notch all-time highs in intraday trading

A mockup shared by Facebook of the Facebook Shops feature. FB

Shares of Facebook and Amazon both hit all-time highs in intraday trading Wednesday amid a broader market rally.

Facebook surged more than 6% Wednesday to a record high of about $US230 per share. The company announced a day earlier it would roll out Facebook and Instagram shops starting Wednesday.

The new tool means that consumers can shop and make purchases on their favourite stores’ Facebook and Instagram pages as many small business’ physical stores remain closed due to the coronavirus pandemic. It marks the largest move into e-commerce yet for the company.

Amazon shares also hit a record high on Wednesday, surging as much as 1.5% to nearly $US2,490 per share. Tech stocks have largely outperformed amid the coronavirus crisis as investors have bet on their solid long-term performance. Amazon has also gained as consumers turned to the online giant to stock up on essentials amid the pandemic.

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The strong performance from both stocks has supported the tech-heavy Nasdaq, which has rallied from recent lows on March 23. In early May, the index erased its losses for 2020 as tech stocks surged.

Now, the Nasdaq is trading only about 5% lower than its all-time high close on February 19.

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