(CNBC) — Tech stocks rose on the back of gains in Facebook. The rest of the market took a pause as investors awaited more details on what the final tax overhaul from Congress will look like.
The Nasdaq composite rose 0.2 percent as Facebook share gained nearly 2 percent. Evercore ISI initiated Facebook with an outperform rating. Analyst Anthony DiClemente said Facebook will lead the “FANG” stocks higher in 2018.
The S&P 500 closed around breakeven, as information technology rose 0.8 percent, while energy lost 1.3 percent amid falling oil prices. Tech stocks posted consecutive gains after being pressured over the past week.