[NEW YORK] Tech stocks were going strong even before Covid-19, but behavioural shifts during the pandemic have lifted the sector further into the stratosphere, leaving the broader stock market far behind. Read more at The Business Times.
The latest surge means that just five companies, the so-called"FAANG" group - Facebook, Apple, Amazon, Netflix and Google - now account for more than 20 per cent of the value of the S&P 500.
"July 27 is an important day to see if it's more of a political grandstanding event or the beginning of something much broader in terms of going after the breakup of these companies," Mr Ives said. The Nasdaq surge also reflects gains by biotech companies working on vaccines and drugs to treat Covid-19, said David Kotok, co-founder of Cumberland Advisors.
Howard Silverblatt, senior index analyst at S&P Dow Jones Indices, said the pace of change could accelerate as fallout from the coronavirus crisis continues to mount.
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