Nasdaq Today: Facebook Stock Hits Record High; Analog Devices Posts Strong Earnings

Major benchmarks got off to a good start on Wednesday, lifted by renewed optimism about the potential for an economic recovery as some businesses start to return to full operation. Stocks in the Nasdaq Composite (NASDAQINDEX: ^IXIC) outperformed their peers in the broader market, with the index rising more than 2% shortly before noon EDT. The Nasdaq 100 Index also climbed slightly more than 2%.

Facebook (NASDAQ: FB) made a big contribution to the Nasdaq's gains Wednesday, as the social media giant's stock reached new all-time highs. Meanwhile, on the earnings front, Analog Devices (NASDAQ: ADI) gave its shareholders something to be happy about after it showed signs of bouncing back from a tough industry environment recently.

Facebook's stock rose 6% Wednesday, adding to its gains in recent weeks. The social media juggernaut has done well in addressing the needs of its users during the novel coronavirus pandemic, but investors are more excited than ever about a new initiative that could take Facebook even further into a key area of the economy.