Alibaba market value exceeds Facebook
Alibaba’s market value exceeds Facebook’s. According to reports, Alibaba’s share price hit a record high in Hong Kong, reaching HK $205.8, with a market value of HK $4408.3 billion, which translates into US $565.8 billion, surpassing Facebook in one fell swoop, becoming the sixth highest company in terms of market value in the world, second only to Saudi Aramco, apple, Microsoft, Google and Amazon.
However, by the end of the day, Alibaba’s share price had fallen, offering HK $203.8, with a market value of HK $4373.91 billion (US $55.5243 billion), lower than Facebook’s market value of US $564.418 billion.
US equities hit a record high on Monday and are expected to gain for a fourth straight session. The Dow Jones industrial average rose 100.51 points, or 0.4%, to 28235.89. The standard & Poor’s 500 index rose 0.7% to close at 3191.45, while the Nasdaq composite rose 0.9% to close at 8814.23.
Technology stocks rose 0.9% to a record high, with micron technology up 3.4% and Western data up 4.1%. Goldman Sachs pushed the Dow up 1.4%, a record high.