FAANG stocks lead gains to records in indexes

Wednesday, 10. July 2019 16:16

The Nasdaq 100 index, dominated by technology and healthcare companies, strengthened for the second day on Wednesday in New York and accelerated the rally to hit a record. After yesterday's recovery in sentiment as top White House economic adviser Larry Kudlow said trade talks are back on track, traders were upbeat in the current session after Federal Reserve Chair Jerome Powell reiterated concern about the health of the economy. The central bank's stance is widely seen as opening the way for interest rate cuts, which would make stocks more appealing relative to fixed income, while tech companies are substantially exposed to international markets.

Among the widely tracked FAANG group, Facebook Inc. rallied 1.35% at 10:14 am ET to $201.97 per share following a climb to $202.46, a record high since July 25. Amazon.com Inc. was up 1.32% at $2,014.8 per share, last reached on October 2.

Alphabet Inc. climbed 1.2% to $1,138.71 per share compared to the daily high of 1,140.87, seen for the first time since May 28. Apple Inc. advanced 0.9% to $203.05 and Netflix gained only 0.11% to $380.45. The Nasdaq 100 was 1.02% in the green at 7,906.747 points, while today's all-time high was 7,923.932.

Related Links: Apple Inc.Facebook Inc.Netflix Inc.Alphabet Inc.Amazon.com Inc.
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Breaking the News / IT