Social networks rallied nicely today, with Facebook Inc (NASDAQ:FB) leading the way in the NASDAQ. For the second consecutive day, markets edged upward as investors anxiously waited for the Fed’s Open Market Committee to release the minutes from its latest meeting. According to The Street, the exchange-traded fund which tracks the S&P 500, Dow Jones Industrial Average and NASDAQ each increased more than a third of a percent by midday.
Facebook among largest gainers
Facebook Inc (NASDAQ:FB) appears to be heading back toward the level it was at nearly one week ago. The social network was one of several momentum stocks which declined as the broader market began to pull out. Facebook was also one of the top trending tickers at StockTwits.
Some believe when the Fed minutes do come out, they will be damaging to the market’s overall momentum. However, those minutes could also light an even bigger fire under investors.
What’s affecting Facebook shares
A few bits of news have had a positive impact on Facebook Inc (NASDAQ:FB) today. The social network said it now had 100 million users in India. The company also said it would be making some adjustments to its privacy settings. A positive report from Piper Jaffray also likely gave Facebook shares a boost. The firm said on Tuesday that Instagram, which is owned by Facebook, is the top social site for teens. The firm reached that conclusion through a survey which focused on 5,000 U.S. teens in the upper to average income bracket.
Facebook Inc (NASDAQ:FB)’s overall popularity among teens declined, putting it underneath Twitter Inc (NYSE:TWTR) and in third place. However, investors don’t seem too worried because the social network will be able to monetize Instagram, and between its two sites, the company holds the first and third spot in terms of popularity among teens.
Analysis from StockTwits indicates that sentiment on Facebook Inc (NASDAQ:FB) is 71% positive.
Facebook joined by other tech stocks
Social network and other momentum technology stocks also began to rally. Shares of LinkedIn Corp (NYSE:LNKD) increased by more than 4% today, while Twitter Inc (NYSE:TWTR) rose by 2%. Shares of SolarCity Corp (NASDAQ:SCTY) increased more than 2%, although Tesla Motors In (NASDAQ:TSLA) hovered just below its opening price today.