To start, a new Stories Archive feature will automatically save your 24-hour-long stories into a private section of the app when they expire. You'll be able to find these in the Archive icon on your profile, which already exists for regular picture and video archive options and will now include a toggle to switch to stories. Only you have the ability to see your archived posts and stories, and the auto-archiving feature for stories can be turned off in settings.
You can revisit all of your stories here, re-share any old story as a new story, create a new post, or add one to the new Stories Highlight section of your profile. Stories Highlights allows you to group old stories together in a new section that sits below your Instagram bio.
Story Highlights lets you show all the sides of your personality, and you can make highlights out of anything you’ve shared to your story in the past. From the best moments of your ongoing soccer season to all the stories you capture of your loved ones, the interests and activities that matter most to you have a home right on your profile.You can tap the "new" button in this area of your profile, choose a Story from the archive, select a cover for the highlight, and name it. After you're finished the highlight will appear as a circle on your profile and will play as its own story when someone visits your profile and taps it.
Instead of disappearing after 24 hours, highlights remain on your profile until you choose to remove them. Instagram said that you can have as many highlights as you want, and any current highlight can be edited by tapping and holding its circle on your profile.
For more information check out Instagram's press release here.