Internet stocks Meta Platforms Inc. and Alphabet Inc. logged their highest closes in more than a year as they continued their October rally.
Shares of Alphabet GOOG, +1.80% GOOGL, +1.80% advanced 1.8% to close at their highest level since April 5, 2022, when they finished at $140.59. Alphabet’s stock ended Tuesday’s session at $140.55. “From an industry perspective, we would highlight that 2023 digital ad trends continue a pattern of improving growth trends that has been a hallmark of the progression 2023,” Goldman Sachs’s 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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