Nasdaq Tops 10,000 As Big Tech Rallies Back From Coronavirus By Investing.com

Nasdaq Tops 10,000 As Big Tech Rallies Back From Coronavirus



By Jesse Cohen

Investing.com – Stocks on Wall Street have mostly struggled this week, with the and the benchmarks both pulling back after their recent strong gains.

In a reality check to the stock market’s recent euphoria, the predicted the U.S. economy would shrink 6.5% in 2020 and unemployment would still be at 9.3% at year’s end.

The , however, managed to hold on to a good chunk of its rally after registering a closing record high above the 10,000-level for the first time in history on Wednesday.

Leading up to Thursday’s session, the tech-heavy index has reached new all-time highs each day this week, as investors bet on the sector’s strength amid the economic reopening.

The index has now rallied nearly 50% from an intraday low set on March 23, when coronavirus-related lockdowns shocked the stock market.

The Nasdaq’s upbeat performance has come on the back of strong gains in many of the big-name tech-related shares, most notably Apple (NASDAQ:), Microsoft (NASDAQ:), Amazon (NASDAQ:), and Facebook (NASDAQ:).

All four companies have seen their shares hit all-time highs this week.

The combined market value of the four companies is now more than $5 trillion, with Apple claiming the top spot at nearly $1.53 trillion, followed by Microsoft at $1.49 trillion and Amazon at $1.32 trillion.

At $674 billion, Facebook is the only one of the group with a market cap below $1 trillion.

Google-parent Alphabet (NASDAQ:) is the only one of the five largest tech stocks not to close at an all-time high. It’s still about 5% behind its all-time high of $1,524.87, where it closed on Feb. 19.

To see more of Investing.com’s weekly comics, visit: http://www.investing.com/analysis/comics

Reuters contributed to this report

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.



Source link

Investing.com


Leave a Reply

Your email address will not be published. Required fields are marked *


About us

InvestLab is a financial services technology company focused on the global trading market. Founded in 2010 in Hong Kong, the company develops trading, market data, and social research products that enable individual investors and small to mid-size brokers to access global markets. We provide brokers and financial institutions cross border capabilities for retail investors into 43 markets globally.


CONTACT US

CALL US ANYTIME