BUSINESS

Nasdaq tops 10,000 for the first time ever

Jun 9, 2020, 12:57 PM
NEW YORK, NEW YORK - MAY 13: A view outside Nasdaq in Times Square during the coronavirus pandemic ...
NEW YORK, NEW YORK - MAY 13: A view outside Nasdaq in Times Square during the coronavirus pandemic on May 13, 2020 in New York City. COVID-19 has spread to most countries around the world, claiming over 298,000 lives with over 4.4 million infections reported. (Photo by Noam Galai/Getty Images)
(Photo by Noam Galai/Getty Images)

(CNN) — Wall Street’s love affair with technology stocks shows no sign of stopping.

The Nasdaq, an index that includes the top FAANG stocks, Microsoft, Tesla, and many other titans of tech, topped 10,000 for the first time ever Tuesday. The index has surged more than 11% this year.

Investors have flocked to tech giants, such as Facebook, Apple, Amazon, Netflix, and Google owner Alphabet, this year in hope that they will post strong sales and earnings growth — despite concerns about the Covid-19 outbreak crippling the global economy and US job market.

The United States is now officially in recession and worries about social and racial unrest have dominated the headlines since the killing of George Floyd, an unarmed black man who was arrested by police officers in Minneapolis, last month.

The broader market has rallied along with big tech stocks. The S&P 500 inched back into positive territory for the year Monday for the first time since February.

Companies in traditionally more value-oriented sectors like energy, retail, health care, and financial services have also enjoyed big rebounds since the bottom hit its low point of the year in March.

And the CNN Business Fear & Greed Index, which looks at seven barometers of investor sentiment, has been showing signs of greed in the market since last week.

The-CNN-Wire
™ & © 2020 Cable News Network, Inc., a WarnerMedia Company. All rights reserved.

Today’s Top Stories

Business

In this undated photo released by Toyota Motor Corp., its bZ4X vehicle is shown during an online pr...
YURI KAGEYAMA AP Business Writer

Toyota recalls electric car for faulty wheel that may detach

The "bz" in the recalled model's name, as well as others in the works, stands for a "beyond zero" series, including sport-utility vehicles of all sizes, pickup trucks and sportscars, according to Toyota.
6 days ago
A model wears a creation as part of the Giorgio Armani men's Spring Summer 2023 collection presente...
COLLEEN BARRY

Gucci unveils ‘HaHaHa’ collaboration with Harry Styles

Gucci has teamed up with Harry Styles for a between-season collection that infuses tailoring with adolescent joy. The collection is titled “HaHaHa.”
10 days ago
A now hiring sign in an Arby's window.; the Utah employment summary for May showed a slight slowing...
Amie Schaeffer

May’s Utah employment report showing signs of inflation impact

The employment rate in Utah remains steady but may be showing signs of inflation's impact, according to the state's May employment summary.
13 days ago
Attic fire in Cowabunga Bay building....
Mark Jones

Cowabunga Bay Water Park set to reopen Thursday after fire last weekend

Following a building fire last weekend, Draper's Cowabunga Bay Water Park is scheduled to reopen to the public on Thursday.
15 days ago
Utah airbnb rentals rising interest rates affecting millennial home buyers...
Dan Bammes

One realtor sees “signs of hope” in Utah housing market

With home listings up and home sales down, one Utah realtor is encouraged about the future of the Utah housing market, leading to what she calls "signs of hope."
16 days ago
Some executives are keeping their employees home in a way to save money and possibly help lower the...
Heather Kelly

Working from home could help bring down gas prices

Some businesses are having employees return to working remotely as a way to have money on gas, and possibly help lower gas prices.
20 days ago

Sponsored Articles

Tax Harassment...
Jordan Wilcox

The best strategies for dealing with IRS tax harassment | You have options!

Learn how to deal with IRS tax harassment. This guide will teach you how to stop IRS phone calls and letters, and how to handle an IRS audit.
spend a day at Bear Lake...
Bear Lake Convention and Visitors Bureau

You’ll love spending the day at Bear Lake | How to spend a day at Bear Lake

Bear Lake is a place that needs to be experienced. Spend a day at Bear Lake.
Curb Appeal...
Price's Guaranteed Doors

How to have the best of both worlds for your house | Home security and curb appeal

Protect your home and improve its curb appeal with the latest security solutions like beautiful garage doors and increased security systems.
Prescription opioids can be disposed of during National Prescription Take Back Day...
Know Your Script

Prescription opioid misuse | How to protect your family from the opioid epidemic

Studies have shown that prescription opioid misuse has increased since COVID-19. So what do you need to know about these opioids?
Follow @ikeyospe...

Tax Tuesday: The Most Common Mistakes People Make When Filing Their Taxes

Fortunately, for most average earners, they will not end up owing overpayments received for the Child Tax Credit in 2021.
Follow @ikeyospe...

Tax Tuesday: How will last year’s child tax credits affect you?

Fortunately, for most average earners, they will not end up owing overpayments received for the Child Tax Credit in 2021.
Nasdaq tops 10,000 for the first time ever