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

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Both stocks have rallied in October

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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