S&P, Nasdaq reach historic highs on tech-driven rally

02.09.2020 - Korneychuk Evgeniya
S&P, Nasdaq reach historic highs on tech-driven rally

The S&P 500 and the Nasdaq both reached record highs on Tuesday. This could be attributed to a jump in technology-related stocks as Apple and Zoom Video greatly advanced. Meanwhile, upbeat economic data and stimulus talks in Washington bolstered investors’ sentiment.

Tuesday marked Wall Street’s fifth month of gain as the S&P 500 hit its strongest level in more than three decades. This was mainly from central bank support and an upbeat performance seen in the technology sector.

After raising its annual revenue forecast by more than 30%, Zoom Video Communications recorded a 40.8% gain. Meanwhile, Apple Inc advanced almost 4% on Tuesday, a day after its stock split, and after a report that the company demanded at least 75 million 5G iPhones from its suppliers.

Investors believed that Tuesday’s earnings were mainly from technology momentum, with some help from upbeat data and politics.

 

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