Nasdaq 100 Companies Add $200 Billion in Market Cap in One Day
- All the hand-wringing proves misplaced as Google, Amazon beat
- Solid earnings solidify tech’s leading position in market
Federated CIO Auth Sees Melt Up in Tech Stocks
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A strong dose of computer and internet earnings woke tech stocks from a moribund week, sending the Nasdaq 100 Index to its best performance in eight years relative to the broader market and putting fears of a FANG rout to bed, at least for a day.
Google parent Alphabet Inc. jumped 6.1 percent as of 12:20 p.m. in New York, and Amazon.com Inc. surged 13 percent as bottom-line profits wiped out analyst forecasts. Microsoft Corp. joined the rally, climbing 7.3 percent as its sales and income breezed past the Wall Street consensus.