Big tech stocks Amazon, Apple, Facebook, and Microsoft, all hit record highs by the time the New York Stock Exchange closed at 4:00 pm.
The rally is the most definitive proof that tech stocks have rebounded from the economic fallout of the coronavirus. (CNBC)
Facebook, Apple and Amazon all rose more than 3% Tuesday while Microsoft popped about 0.8%. The tech-heavy Nasdaq Composite rose 0.3%, briefly rising above 10,000 for the first time. The S&P 500 was down about 0.8%.
The combined market value of the four companies is now close to $5 trillion, with Apple claiming the top spot at nearly $1.5 trillion. Facebook is the only one of the group with a market cap below $1 trillion.
Google parent-company is Alphabet the only one of the five largest tech stocks not to close at an all-time high. It’s still about 5% behind its all-time high of $1,524.87, where it closed on Feb. 19.
The S&P 500 erased its losses for the year on Monday following a Friday jobs report that quelled economists’ worst fears but still delivered a bleak glimpse into the state of unemployment in the U.S. Still, data showed that the slight job gains were distributed inequitably. The unemployment rate for black workers grew slightly in May despite a decline of nearly two percentage points for white workers.