Earlier this week, NASDAQ broke through the 10,000 threshold, reaching the highest mark it has ever gotten to in the history of the index.
According to a report from CNN, the record high is largely thanks to a surge in stock prices for the tech sector, especially among the top FAANG stocks — Facebook, Amazon, Apple, Netflix, and Google. Other contributors include Microsoft and Tesla, the stock price of which soared above $1,000 USD per share on June 10 after yet another tweet from its CEO Elon Musk relating to the company’s plans on building a semi truck. While the NASDAQ didn’t manage to close above 10,000, it nonetheless marks an impressive milestone especially during a global coronavirus pandemic which has greatly affected the job market and economy as a whole. The index also surged 11 percent this year alone.
On top of tech companies, the report also suggests that the “more value-oriented sectors” such as energy, retail, health care and financial services have rallied after hitting its bottom point earlier in March. The general market at large has also seen a rebound, with the S&P 500 moving back into positive territory this past Monday for the first time in four months.
For more business-related news, Macy’s has reported a $630 million USD loss in Q1 2020.