“Technology stocks are extending their leadership on Wall Street as the S&P 500 trades near its all-time high, with Advanced Micro Devices Inc , Xilinx Inc and Xerox Corp among the top performers since last December’s sell-off that stirred fear of an end to a decade-long bull market,” Noel Randewich reports for Reuters.
“The S&P 500 has surged 22% since Dec. 24, when fears of higher interest rates knocked the index to an 18-month low,” Randewich reports. “Silicon Valley has delivered the strongest gains during that time, with the S&P 500 information technology index jumping 32%, followed by consumer discretionary’s 28% rally. The S&P 500 on Tuesday dipped 0.61%, putting an end to eight straight sessions of gains. It is down less than 2% from its Sept. 20 record high close.”
“The so-called FANG stocks, plus Apple Inc , have outperformed the wider market, with Netflix Inc surging 56% since Dec. 24, followed by Facebook Inc , rallying 43%,” Randewich reports. “Establishing a fresh record high on the S&P 500 would confirm that Wall Street’s bull market remains intact following its nearly 20% sell-off in the final quarter of 2018.”
Read more in the full article here.
MacDailyNews Note: S&P 500’s record highs:
Closing: 2,930.75, set on Thursday, September 20, 2018
Intraday: 2,940.91, set on Friday, September 21, 2018
Apple share price at $200. Only $30 more to go to make up for the massive losses incurred late last year.
Imagine, Facebook rallying 43%. No matter how many data breaches occur or negative news articles appear, big investors just love Zuckerberg and Facebook stock. I still hear cries for deleting Facebook accounts, but FB addiction is hard to break.
I forgot to mention. Apple got a nice SELL rating by an HSBC analyst because its Services push is too late to the party. Amazing. I’ve heard that said about Apple quite a few times before. It appears as though Apple swung hard and missed at the last event. Too many factions still want to see Apple fail, so I’m sure the stock will remain volatile.
I agree 100% with your comments. Bravo! Well stated.