Thursday was another solid day for the stock market, with gains in the Nasdaq Composite showing strength in the technology industry even as broader-based measures generally saw more modest moves. The Nasdaq has been rocketing to record highs recently, driven by the power of investor interest in high-momentum tech stocks. Market participants also took heart from news on the macroeconomic front, where retail sales showed good growth despite fears that higher gasoline prices would sap the spending power of typical American consumers. Additionally, some high-profile companies saw their shares move higher. Twitter (NYSE:TWTR), Dropbox (NASDAQ:DBX), and Carvana (NYSE:CVNA) were among the best performers on the day. Here’s why they did so well.
Twitter keeps picking up steam
Shares of Twitter jumped another 6%, bringing their gains for the month to almost 35%. The social media stock has risen regularly ever since news came out early in June that Twitter would get added to the S&P 500 index, lending it the status of being a top company in the U.S. market and suggesting that it would have the staying power to remain there. Since then, investors have gotten more upbeat about Twitter’s prospects, and some have pointed to the beginning of the 2018 World Cup as a new opportunity for the microblogging platform to show its value in allowing soccer fans worldwide to comment on games and share their experiences. Despite skeptics questioning whether Twitter can match the success of other social media giants, the market has a newfound optimism for it recently.
Dropbox gains momentum
Dropbox stock climbed 14%, picking up more ground after the company said earlier this week that it would be able to improve on its groundbreaking storage technology to expand its applications even further. On Tuesday, Dropbox said that it would deploy its