Nasdaq closes at record high as Big Tech roars back

The Nasdaq ended at a record high on Tuesday, lifted by Apple, Amazon, and other top-shelf tech companies as investors shifted their focus to growth stocks.

stock chart

Noel Randewich and Devik Jain for Reuters:

Microsoft’s stock market value breached $2 trillion for the first time, while Apple, Facebook and Amazon also rallied.

Amazon had over $5.6 billion in total online sales in the United States on the first day of its Prime promotional event, according to Adobe Digital Economy Index.

In a congressional hearing, meanwhile, Federal Reserve Chair Jerome Powell reaffirmed the U.S. central bank’s intent to encourage a “broad and inclusive” recovery of the job market and not to raise interest rates too quickly based only on the fear of coming inflation.

So-called value stocks, expected to benefit from the economic recovery, have outperformed in 2021, while growth stocks, including major tech names like Apple and Nvidia, have rallied since the Fed last week took a stance on future rate hikes viewed by many as more aggressive than expected.

MacDailyNews Take: Microsoft. Forever following Apple, late and at a great distance.

See also: Apple becomes first U.S. company with $2 trillion market value – August 19, 2020


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