Big Tech Lifts Stocks as Reflation Trade Wanes: Markets Wrap
- Facebook wins dismissal of U.S., states’ monopoly lawsuits
- Apple, Amazon and Zoom jump, while travel shares retreat
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Some of the world’s largest technology companies led stocks to a fresh record on Monday, extending a rally that’s already added $6 trillion in value to the equity market this year.
After swinging between gains and losses throughout most of the session, the S&P 500 moved higher on news that Facebook Inc. won dismissal of two monopoly lawsuits. Some of the stay-at-home darlings like Apple Inc., Amazon.com Inc. and Zoom Video Communications Inc. climbed as the reflation trade waned. Cruise operators and airlines sank as governments from Europe to Asia imposed new limits on travel from Britain -- which is seeing a spike in coronavirus cases.