NEW YORK (TheStreet) -- The markets edged higher for the second straight day. But the big story midday, as investors awaited the release of the Federal Reserve Open Market Committee minutes, was the continued rebound in the Nasdaq. The ETFs that track the S&P 500 (SPY) Dow (DIA), and Nasdaq (QQQ), each rose more than a third of a percent by noon. The Nasdaq, which lost nearly 5% in the past month, climbed 0.7%.
The move had some investors on StockTwits.com calling for new all time highs.
A partial recovery in sickly social networks and other high growth, "momentum" tech stocks led the gains. Facebook (FB) was among the biggest Nasdaq gainers and a top trending ticker on StockTwits.com. Shares of the leading social network climbed more than 4.6% amidst news that Facebook would tweak privacy settings and had reached the 100 million-user mark in India. It traded just below $87-per-share midday. Many investors called for it to go higher. Sentiment on the stock is 71% Bullish, according to StockTwits' analytics.
$FB Looks like it is headed back to 64. Some resistance at 62, but it will easily break that level IMO.- Show me the money! (@x17linux) Apr. 9 at 11:52 AM
An investment banking report making the rounds also helped boost Facebook shares. Piper Jaffray said yesterday that Facebook's Instagram is the number one social site for teenagers, according to a survey of 5,000 upper-income and average-income U.S. teenagers. Facebook's popularity declined with teenagers surveyed, dipping below Twitter (TWTR) to come in third. However, investors didn't mind Facebook falling in the ranks, given that it can ramp up ads on Instagram. As far as cashtaggers were concerned, Instagram gains didn't come at Facebook's expense.
Of course, some investors worried that the Fed minutes could easily squash renewed momentum. But most said the Fed could only add fuel to the fire.
At the time of publication the author had no position in any of the stocks mentioned.
This article represents the opinion of a contributor and not necessarily that of TheStreet or its editorial staff.