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Facebook stock hits another all-time high

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The company’s stock hit a new all-time high of $81.89 a share in midday trading Monday, an increase of about 2.5% on the day, which pushed the social networking company’s market cap to nearly $230 billion.

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The surge in Facebook stock came amid a broader market rally that continued into Monday. The Dow Jones Industrial Average was up as much as 0.47% in early trading. The Standard & Poor’s 500 was essentially flat on the day, but still hovering near an all-time high.

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Facebook’s gains follow on the heels of a “conservative” estimate from Citigroup that Instagram is now worth $35 billion, up from the $1 billion that Facebook originally agreed to pay to acquire it in 2012. That figure, combined with a recent announcement that Instagram has hit 300 million users, may only boost optimism for Facebook’s other major acquisitions, WhatsApp and Oculus VR.

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It’s a far cry from this time two years ago when Facebook was still struggling to climb back up to its IPO price of $38 a share amid nagging concerns from investors about its potential to make a successful shift to mobile. Facebook consistently beat Wall Street estimates throughout 2014, thanks to the strength of its advertising products and particularly mobile ads, which accounted for two-thirds of total ad revenue in the third quarter.

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Facebook is now second only to Google in the U.S. mobile ad market, according to data from eMarketer, and it is expected to take 8% of the $140 billion global ad market this year.

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