Kaltbaum Capital Management President Gary Kaltbaum and James Madison Institute Tech and Innovation Center Director Andrea O’Sullivan discuss the coronavirus pandemic and the upcoming election’s impact on the markets and how tech stocks are booming.
Tech stocks led the charge on Friday, pushing all three of the major averages higher after stellar earnings from Apple, Facebook, Amazon and Google.
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The tech-heavy Nasdaq Composite, snapped a two-week losing streak, rising 1.5 percent, while the S&P 500 climbed 0.77 percent. The Dow Jones Industrial Average added 115 points, or 0.44 percent. All three indexes notched their fourth straight month of gains.
Looking at stocks, Apple Inc. announced a 4-for-1 stock split after reporting record revenue and earnings growth for the three months through June. The tech giant’s revenue rose 11 percent during the quarter while earnings grew by 18 percent. CEO Tim Cook also told FOX Business he is confident in a “strong bounce back” for the U.S. economy. Apple shares settled at an all-time as the company approaches a $2 trillion value.
Amazon Inc. reported quarterly revenue surged 40 percent year-over-year as the COVID-19 pandemic boosted its online shopping and cloud services businesses. The e-commerce behemoth’s profit doubled to a record $5.2 billion.
Google-parent Alphabet Inc. beat Wall Street expectations on both the top and bottom lines, but advertising revenue fell 8 percent from a year ago, driven by weakness in its