The Dow Jones Industrial Average rallied more than 200 points in early Monday trading amid ongoing COVID-19 stimulus talks. Apple shares earlier jumped more than 5%, while Microsoft rallied as much as 5% on talks to acquire TikTok’s service in the United States, Canada, Australia, and New Zealand.
Scott Lehtonen for Investor’s Business Daily:
Dow Jones leader Apple jumped 5% to all-time highs before trimming gains, while Microsoft advanced as much as 5% on talks to buy U.S. TikTok in today’s stock market.
The Dow Jones industrials moved up 0.8%, while the S&P 500 rose 0.7%. The tech-heavy Nasdaq composite gained 1.2% in morning trade. The Nasdaq hit a record high early Monday.
The White House and congressional Democrats continue to discuss a coronavirus stimulus package, but disagree over a federal boost to unemployment aid. Meanwhile, both sides are in agreement for another cash payment of $1,200 to most Americans.
The coronavirus outbreak continues to spread across the U.S. According to the Worldometer data tracker, the cumulative number of confirmed U.S. cases topped 4.8 million Monday. On Sunday, daily news cases measured 49,000, the lowest number since July 5. While daily new cases remain elevated, there has yet to be a corresponding rise in the number of daily deaths, a key metric to monitor.
MacDailyNews Take: The Nasdaq’s COVID-19 rally continues unabated.
The toddler (market) is excited about the thought of getting another cookie (market infusion).
As long as cookies are waved in the toddler’s face, the market will continue to rise, until the ultimate reality says, “we’re maxed out” (even though we’re already there).
What a joke. Tesla has an EPS of $1.93 and a P/E of 768 for a share price of $1,485. How Tesla can have that much more growth potential than Apple simply amazes me. What would Apple have to do to equal Tesla in terms of growth? How can a person quantify something like that? You can’t get any of that by simply looking at a company’s fundamentals. These are the things I’ll never understand about the stock market and will likely cause me to miss out on many amazing stocks.
I don’t even understand why Microsoft is up 5% just because they’re in talks with TikTok. Sure, I’ve seen TikTok videos but so what? Is the TikTok that valuable a company just because the videos are funny? Does TikTok have that great an appeal to most consumers? I used to watch TikTok videos but got tired of watching them after a couple of weeks.