Facebook is ending 2013 the right way — with the stock reaching for the stars.
Shares of the social media giant hit an all-time high of $58.32 in intraday trading on Monday during the stock’s first full day as a member of the Standard and Poor’s 500. The blue-chip stock index can dictate which stocks certain large investors, including index-based mutual funds, can buy and hold.
Facebook shares ended the day up 4.8 percent, to $57.77. For the year, the shares are up a whopping 117 percent.
Of course, Facebook’s membership in the S&P 500 may not be the only reason for the stock’s jump.
Facebook and micro-blogging company Twitter have both been flirting with new highs in recent weeks amid growing confidence that they will benefit from a push toward digital ads, especially on mobile phones.
Shares of Twitter hit a new high of $65 a share before closing up 7.55 percent to $64.54.