*Updated from 4:04 p.m. Eastern with closing price, price change and volume data.
NEW YORK (TheStreet) -- Facebook Inc. (FB) closed out the trading day Monday at a price of $57.18 a share, a $2.62 or 4.81% increase from its previous close of $54.56. The stock traded at a volume of 66.59 million compared to its average volume of 75.32 million.
Twitter (TWTR), on the other hand, ended the day at $66.28 a share, down $2.72 or 3.94% from its previous close of $69. It traded at a volume of 25.9 million compared to its average volume of 23.28 million.
Facebook climbed steadily through the trading session after SunTrust analyst Robert Peck reinforced the stock's "buy" rating and raised its 2014 target price to $65 from $55.
Additionally, Peck amended Facebook's fourth-quarter earnings estimate by raising its expected revenue to $2.37 billion from $2.29 billion. He based his positive stance on multiple factors, including integration of mobile advertisements, better quality advertisements on the site and the monetization of Instagram.
Recent reports indicated that teenagers and younger people are moving away from Facebook because it's no longer "cool" as parents and older relatives have populated the site. But Peck insisted that Facebook would not go the way of MySpace because Google (GOOG) and Amazon (AMZN) are not necessarily "cool" anymore, but teenagers still use those sites because of their convenience and utility.
He added that many users share major life events on Facebook, which creates a sense of permanence. As long as Facebook continues to innovate, he reasoned, young people will continue to use it.
Facebook also announced Monday that it would report its fourth-quarter earnings after the market closes on Wednesday, Jan. 29.