Microsoft, Facebook, Apple, and Amazon all closed at all-time highs on Tuesday, which was also the day when the Nasdaq Composite Index smashed a new record.
Big tech stocks seem to have fared way better during the ongoing health crisis as the remote workers relied more on online services. Because of their huge market caps, the big tech companies have also helped the stock market in sustaining. The stock market has managed to make a comeback despite the huge unemployment numbers brought about by extensive stay-at-home situation.
Amazon, Apple, and Facebook rose over 3% on Tuesday, as Microsoft popped nearly 0.8%. The Nasdaq Composite Index stood at 0.3%, which rose briefly above 10,000 for the first time in a long time. The S&P was noticed to be down by nearly 0.8%.
The combined market value of these four companies is nearly $5 trillion, with the top spot being hit by Apple at almost $1.5 trillion. In fact, Facebook is the only one among the four to have a market cap lower than $1 trillion.
Alphabet, the parent company of Google, is the only one of the big five tech stocks to not close with a record high. It is still nearly 5% behind the all-time high it hit on 19th Feb at $1,524.87.
The S&P 500 had erased all its losses for this year on Monday, followed by a job report on Friday that suppressed the worst fears of economists but still managed to deliver an upsetting glimpse into the unemployment conditions in the U.S.A. It was revealed that slight gains in employment were inequitably distributed. The rate of unemployment for the black workers improved slightly despite a decline of almost two percentage points for the white workers.