Meta and Alphabet stocks on track to close at highest levels since early 2022

Internet stocks Meta Platforms Inc. and Alphabet Inc. were headed for their highest closes in more than a year as they continued their October rally.

Shares of Alphabet GOOG, +1.64% GOOGL, +1.70% were ahead 1.8% and on pace to close at their highest level since April 5, 2022, when they finished at $140.59. Alphabet’s stock was hovering just above $140 Tuesday. “From an industry perspective, we would highlight that Q3 2023 digital ad trends continue a pattern of improving growth trends that has been a hallmark of the progression 2023,” Goldman Sachs’ Eric Sheridan said in a note to clients earlier this month. He added that companies generally should see easier comparisons and “steady sequential improvement in brand advertising,” among other positive drivers.

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