NEW YORK (Sputnik) – US technology stocks hit record highs on expectations of strong quarterly earnings for companies that benefited from providing stay-home services and products amid the ongoing COVID-19 pandemic.

The technology-laden Nasdaq index, which counts the performance of industry giants such as Facebook, Apple, Amazon, Netflix and Google, was the top performer in US equity markets, hitting a record high of 13,729 on Monday before settling back to 13,636, up 0.7 percent on the day.

Tech stocks rallied ahead of a widely-anticipated week of positive fourth-quarter earnings. Microsoft reports on Tuesday after the closing bell, while Apple, Facebook and Tesla are due on Wednesday.

The S&P 500, a barometer for the top 500 US stocks on the New York Stock Exchange, settled at 3,856, up 0.4 percent, just a point short of matching Thursday’s record high of 3,861.

The Dow Jones Industrial Average, Wall Street’s broadest stock gauge, fell 0.1 percent to finish at 30,960.

As the Dow fell, investors lost some appetite for industrial stocks amid concerns over a prolonged COVID-19 pandemic. Energy was the biggest industrial sector in the red on Monday, weighed down by weaker oil prices amid ongoing worries over pandemic-fueled low prices for crude.


US Tech Stocks Hit Record Highs on Forecast of Strong COVID-Driven Earnings

0.00 (0%) 0 votes