Google Gains in 3.7% Tech Rally and Eyes $75B SpaceX IPO
GOOG•GOOG•GOOG•GOOG•Google shares joined the 3.7% sector rally as the S&P 500 rose 1.8% and the Nasdaq 100 gained 3.3% on easing oil and bond yields. Alphabet stands to benefit from SpaceX’s IPO priced at $135 per share in a $75 billion offering of 555.6 million shares.
Google shares rose broadly with technology peers by about 3.7% as the S&P 500 gained 1.8%, Nasdaq 100 jumped 3.3% and the Dow climbed 1.9%. Declines in West Texas Intermediate to $87.71 a barrel and Brent crude to $90.38 alleviated inflation concerns, underpinning gains in consumer discretionary and industrial stocks.
SpaceX launched its IPO at $135 per share, raising $75 billion through the sale of 555.6 million shares, marking the largest U.S. offering to date. As a pre-IPO investor, Alphabet stands to unlock significant mark-to-market gains, potentially lifting its valuation once SpaceX shares begin trading publicly.
