Friday saw a U.S. stock market rally, led higher by Apple and Microsoft as investors finished a turbulent week of trading amid the COVID-19 pandemic shutdowns.
Apple and Microsoft each climbed more than 1%, lifting the S&P 500 more than any other companies. The two tech titans are on tap to report their March-quarter results next week, giving investors a glimpse at how the pandemic has affected their global businesses. All of the 11 S&P 500 sector indexes moved up, with information technology jumping 2.1% and materials rallying 1.5%… The index has recovered more than 25% from its March low and expectations are growing that more businesses will be allowed to reopen as coronavirus infections showed signs of peaking…
Amazon rose 0.4% to a record high close ahead of its quarterly report on Thursday. With online shopping booming as people avoid traditional stores, Amazon’s stock market value has ballooned by over $100 billion since Feb. 19, just before coronavirus fears gripped Wall Street.
The Dow Jones Industrial Average jumped 1.11% to end at 23,775.27 points, while the S&P 500 gained 1.39% to 2,836.74. The Nasdaq Composite added 1.65% to 8,634.52.
MacDailyNews Take: Apple shares closed up $7.94 (+2.89%) at $282.97, contributing to the market rally. One year ago today, Apple closed at $204.48. So, despite a global pandemic and widespread economic shutdowns, Apple shares are up an amazing $78.49 (+38.4%) over the past year!