Tech stocks soar 3%, but Facebook lags behind
Tech stocks continued to rally Wednesday as the Nasdaq Composite was up 3 percent by the market close, marking its best day since Oct. 25. But the rally didn't help Facebook much. It only rose 1.3 percent.
Facebook's other FAANG peers — Apple, Amazon, Netflix and Google parent company Alphabet — all fared well in the rally. Amazon and Netflix each topped 6 percent. Apple rose 3.9 percent and Alphabet was up 3.8. Microsoft also saw a 3.7 percent lift.
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Facebook has struggled to come back from a series of scandals that have continued to unfurl regarding the company's practices for protecting customer data and stopping the spread of misinformation on its platform. Just a day earlier, a Facebook official testified in front of representatives from nine parliaments about its practices where a Canadian lawmaker suggested Facebook be broken up. Later, a former FTC official claimed that Facebook had even misled representatives in the testimony.
Also on Tuesday, a former employee released a note claiming, "Facebook has a black people problem." On Wednesday, the company announced it is investing $1 million in a nonprofit program that offers free computer science courses to women and minorities.