Facebook bounces as Apple sets record
Apple shares (AAPL) gained 2.6% to close at $665.15, a record, as buzz grew around the expected September launch of the iPhone 5.
The share gains made Apple the most valuable company ever by market capitalization.
Apple closed with a market cap of $623.5 billion, up from $607.5 billion on Friday, according to data from FactSet.
The previous record was held by
But the broader tech sector kicked off the week in the red, as the Nasdaq Composite Index (COMP) shed a fraction to close at 3,076.
Shares of Facebook Inc. (FB) began the week on a downbeat note, hitting a low of $18.75, but the social-networking stock bounced back after Capstone Investments upgraded the shares to buy from hold with a price target of $26. The stock gained 5% to close at $20.01.
In a note, analyst Rory Maher cited potential "upside to the company's core business and potential returns from new businesses the stock price currently does not give the company credit for."
Maher added, "Over the long term we see social media carving a strong position as a media and advertising category, but don't expect Facebook to create a new ad product, like search, that essentially redefines the online industry and steals major share from other ad categories."
Other social-media stocks posted losses.
Groupon took a hit from a Wall Street Journal report that early investors, including Silicon Valley veteran Marc Andreessen, are giving up on the stock and heading for the exits.
The two personal-computer firms are scheduled to report results this week.