Facebook v. the Market: Who’s Fueling Who? Stock markets are surging today and the Nasdaq has hit its highest point since 2001. Of course, a lot of that is thanks to the stellar jobs report today. But Facebook’s IPO filing also appears to be fueling some of the excitement, acting as something of an indicator that the market, for tech stocks at least, has room to run. Nasdaq, typically thought of as a tech-heavy index, has risen 3.5% since last Thursday’s close, the day before news first broke Facebook would be filing this week. Yesterday, the first session since Facebook filed its documents, the Nasdaq jumped, besting the S&P 500's gains and the Dow’s drop. Typically when a company is plotting to launch itself onto the public markets, it sizes up when to sell based on market conditions. Few companies want to go public when the markets are stuck in a bad mood. But Facebook’s filing and upcoming offering instead appears to be driving the market. Malcolm Polley, president and chief investment officer at Stewart Capital Advisors LLC in Indiana, Penn., says judging by his phone ringing, people are very excited for Facebook. “People are thinking if someone like Facebook is going to come public now, maybe things aren’t as bad as they think they are,” Polley says. “People hear the hot thing and it gets them to thinking about stocks, and maybe if they can’t buy Facebook, they can buy something else.” Brett Gordon, a professor at Columbia School of Business who focuses on technology companies, said investors appear to be betting that Facebook thinks the market will rise more. “Investors would be interested in getting in on other social media firms before the market would eventually peak at some point,” Gordon says. Internet stocks in particular are benefiting. Zynga is now up 36% this week alone after jumping 17% yesterday and another 10% today. Groupon, meanwhile, is up 7.4% this week. Facebook’s filing said Zynga makes up 12% of Facebook revenues.