Big Tech Drives the Stock Market Without Much U.S. Help
The Fang stocks get lots of their sales from countries that are doing better at managing the pandemic and reopening.
Where the action is.
Photographer: SOPA Images/LightRocketThe stock market has been on a tear for the past three months, and Big Tech gets much of the credit.
But how can this possibly be when the coronavirus has inflicted so much damage on the U.S. economy, with the highest unemployment since the Great Depression and gross domestic product headed into a black hole? And anyway, it's not as if tech is untethered from the economy.
Yet, maybe tech isn't all that dependent on growth in the U.S. Compared to the rest of the world, and for the first time in ages, many wealthy industrialized countries are doing better -- and in some cases, much better -- than the U.S. Nations such as Japan, South Korea and Germany not only have managed to contain the pandemic, but their economies are well ahead of the U.S.'s into their re-openings.