Tech Stock Rally Pushes Nasdaq to Record Close

Published on: 05 Jun, 2018

Technology stocks drove the Nasdaq Composite to a record high on Monday, closing at $7,606.46, jumping 52.13 points or gaining 0.69 percent. Tech stocks rallied to record highs as well at the closing bell.

Tech stocks continued to rally into Tuesday, paved by Apple Inc. (NASDAQ: AAPL) and Amazon.com Inc. (NASDAQ: AMZN) strong gains on Monday. Apple opened at $193.01, gaining 0.67 percent while Amazon opened at $1,672.00, gaining 0.43 percent.

Apple stocks were pushed after its annual developer conference where the company announced new improvements and modifications to iPhone models.

Facebook Inc. (NASDAQ: FB) opened at $194.24, increasing 0.69 percent. Netflix Inc. (NASDAQ: NFLX) opened at $363.10, gaining 0.2 percent, while Google’s Alphabet Inc. opened slightly lower by 0.04 percent.

S&P Dow Jones Indices said after market close on Monday that Twitter Inc. (NASDAQ: TWTR) will join the S&P 500, as shares gained 4.96 percent on Tuesday. Netflix will join the S&P 100.

Microsoft Corporation (NASDAQ: MSFT) opened at $102.00, gaining 0.21 percent. Microsoft announced on Monday it will be acquiring coding website Github for $7.5 billion in stock. This marks the company’s second biggest acquisition, following its purchase of LinkedIn for $26.2 billion.

Better-than-expected U.S. jobs data continued to drive the market, calming investors fears of trade wars. Data reported jobs grew by 223,000 in the month of May.

“There’s momentum from Friday’s job report that’s spilled into Monday’s trading and helped propel stocks higher,” said Kristina Hooper, chief global market strategist at Invesco in New York.

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Danny Abramov

Email: danny@financialinsiders.com

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