Here's Why Facebook and Other Social Media Stocks Are Soaring Today

The stock market was modestly higher on Wednesday morning as investors awaited the outcome of stimulus negotiations, but social media giant Facebook (NASDAQ: FB) was a big outperformer. As of 10:30 a.m. EDT today, its stock was higher by more than 5%.

Other social media stocks were rising as well. In fact, Facebook's move was the smallest of its peers. Twitter (NYSE: TWTR) was 8% higher on the day, while Pinterest (NYSE: PINS) was seeing a double-digit pop with shares up nearly 14%.

Image source: Getty Images.

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Source Fool.com