For the sixth straight day, the Nasdaq Composite Index rose as shares of major technology companies added to the comeback rally. The strength in big tech also lifted the S&P 500 up marginally from losses earlier in the day.
The tech-heavy index jumped 0.7%, or 71.02 points, to 9,192.34, marking its longest winning streak since an 11-day run back in December. For the year, the Nasdaq was up about 2.4% and traded just 6% below its record high set in February. The S&P 500 was up just 0.39 points to 2,930.19 after falling as much as 0.9% to start the session.
Amazon, Apple and Microsoft all rose more than 1%, posting their sixth consecutive day of gains. Netflix jumped 1.4%, while Google parent Alphabet climbed 1.4%.
“The COVID-19 pandemic has reinforced the essential role that technology plays for businesses and consumers, and stoked expectations that the recession could see many of the largest growth companies become even more dominant,” said Salvatore Ruscitti, U.S. equities strategist at MRB Partners.
Apple said Friday it will start to reopen U.S. stores this week. The stores, Apple said, will have temperature checks and will limit the number of customers inside the store at once.
MacDailyNews Note: Learn more about how to protect yourself and others from COVID-19 via the CDC .
This may not last for much longer. As the negative effects of opening up too soon and too quickly become all too obvious, things will get closed down again. But this time, they won’t open again so quickly.
The problem is that the investment community has a very short attention span. Like the president and his clueless underlings, they assume everything is ok when it isn’t.
I hope you didn’t short, because after a 2 day short break, we just had another 2 day winning streak