Social media giant Facebook (NASDAQ: FB) is now bigger then Wal-Mart (NASDAQ: WMT) in terms of value on the stock market. Facebook was able to knock out the world’s largest retailer out of the top 10 list of the highest-valued companies in the S&P 500 index on Monday and further widened the gap on Tuesday. With this move, it signals that investor’s appetite for successful tech stocks is growing. Apple (NASDAQ: AAPL), Microsoft (NASDAQ: MSFT), and Google (NASDAQ: GOOG) top the list of the highest valued companies in the U.S., and Facebook looks to be on its way to joining them.
Facebook was valued at $238 billion at the closing of trading on Tuesday and its stock gained $3.14, or 3.7%, at $87.88. Wal-Mart was valued at $234 billion, and its stock dipped 22 cents to $72.57 a share. Based in Menlo Park, California, Facebook has been growing this past year; its shares are up about 34% and its quarterly results have consistently surpassed expectations. Arkansas-based Wal-Mart, meanwhile, has dropped down 7 % in profit due to the effects of the strong dollar, higher worker wages, and spending on its online.