Tech stocks continued to rally Wednesday as the Nasdaq Composite Index were up 3 percent by market close, marking its best day since Oct. 25. But the rally didn't help Facebook much. It only rose 1.3 percent.
Facebook's other FAANG peers, which include Apple, Amazon, Netflix and Google parent company Alphabet, all fared well in the rally. Amazon and Netflix each topped 6 percent. Apple rose 3.9 percent and Alphabet was up 3.8. Microsoft also saw a 3.7 percent lift.
Facebook has struggled to come back from a series of scandals that have continued to unfurl regarding the company's practices for protecting customer data and stopping the spread of misinformation on its platform. Just a day earlier, a Facebook official testified in front of representatives from nine parliaments about its practices where a Canadian lawmaker suggested Facebook be broken up. Later, a former FTC official claimed the Facebook had even misled representatives in the testimony.
Also on Tuesday, a former employee released a note claiming, "Facebook has a black people problem." On Wednesday, the company announced it is investing $1 million in a nonprofit program that offers free computer science courses to women and minorities.
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