Facebook stock hits another all-time high

The company’s stock hit a new all-time high of $81.89 a share in midday trading Monday, an increase of about 2.5% on the day, which pushed the social networking company’s market cap to nearly $230 billion.

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The surge in Facebook stock came amid a broader market rally that continued into Monday. The Dow Jones Industrial Average was up as much as 0.47% in early trading. The Standard & Poor’s 500 was essentially flat on the day, but still hovering near an all-time high.

Facebook’s gains follow on the heels of a “conservative” estimate from Citigroup that Instagram is now worth $35 billion, up from the $1 billion that Facebook originally agreed to pay to acquire it in 2012. That figure, combined with a recent announcement that Instagram has hit 300 million users, may only boost optimism for Facebook’s other major acquisitions, WhatsApp and Oculus VR.

It’s a far cry from this time two years ago when Facebook was still struggling to climb back up to its IPO price of $38 a share amid nagging concerns from investors about its potential to make a successful shift to mobile. Facebook consistently beat Wall Street estimates throughout 2014, thanks to the strength of its advertising products and particularly mobile ads, which accounted for two-thirds of total ad revenue in the third quarter.

Facebook is now second only to Google in the U.S. mobile ad market, according to data from eMarketer, and it is expected to take 8% of the $140 billion global ad market this year.