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Tech Stocks Bounce Back, Help Wall St. Indexes Reach New Highs
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Technology industry stocks rebounded on Tuesday, just one day after a brief downturn in the sector which has dominated both headlines and portfolios so far this year. The almost immediate jump back from tech stocks also helped major Wall Street indexes pop.
The relatively uncommon, nearly industry-wide receding of many of the largest tech companies over the last two days of trading was due, in part, to Goldman Sachs’(GS - Free Report) note to investors on Friday, which cited multiple potential unaccounted for dangers across the industry.
In the note, Goldman claimed that the famous tech acronym “FANG,” is now obsolete. The financial giant chose to rename the group of industry powers to “FAAMG.” These companies all closed higher on Tuesday.
Facebook gained 1.51%, while Amazon (AMZN - Free Report) climbed 1.65%. Shares of Apple (AAPL - Free Report) , Microsoft (MSFT - Free Report) , and Alphabet (GOOGL - Free Report) , which round out the rest of the five “FAAMG” companies, rose between 0.80% and 1.25%.
Resilient Markets
The tech giants’ quick turnaround helped Wall Street indexes reach all-time highs on Tuesday. The S&P 500 rose roughly 0.5% to close at a record high. The Dow Jones Industrial Average gained 90 points, which helped it reach both intraday and closing records.
On top of Apple and the other big-time tech players moving the market, Goldman and 3M (MMM - Free Report) also helped Wall Street swing back.
Some might see the quick market correction as just that, while others might point to investors hoping to buy the large tech dip. What does seem to be clear is the fact that the markets have demonstrated they can be hyper-resistant to large declines over the last few months.
Last month, the S&P 500 fell 1.8% in one day. According to Business Insider, the index gained 85% of that single-day loss back over the next three days of trading, which marked the second-fastest rebound from a decline of that size in S&P 500 history.
Before looking into the stocks mentioned above, you may want to get a head start on potential tech IPOs that are popping up on Zacks' radar. Imagine being in the first wave of investors to jump on a company with almost unlimited growth potential? This Special Report gives you the current scoop on 5 that may go public at any time.
Image: Bigstock
Tech Stocks Bounce Back, Help Wall St. Indexes Reach New Highs
Technology industry stocks rebounded on Tuesday, just one day after a brief downturn in the sector which has dominated both headlines and portfolios so far this year. The almost immediate jump back from tech stocks also helped major Wall Street indexes pop.
The relatively uncommon, nearly industry-wide receding of many of the largest tech companies over the last two days of trading was due, in part, to Goldman Sachs’(GS - Free Report) note to investors on Friday, which cited multiple potential unaccounted for dangers across the industry.
In the note, Goldman claimed that the famous tech acronym “FANG,” is now obsolete. The financial giant chose to rename the group of industry powers to “FAAMG.” These companies all closed higher on Tuesday.
Facebook gained 1.51%, while Amazon (AMZN - Free Report) climbed 1.65%. Shares of Apple (AAPL - Free Report) , Microsoft (MSFT - Free Report) , and Alphabet (GOOGL - Free Report) , which round out the rest of the five “FAAMG” companies, rose between 0.80% and 1.25%.
Resilient Markets
The tech giants’ quick turnaround helped Wall Street indexes reach all-time highs on Tuesday. The S&P 500 rose roughly 0.5% to close at a record high. The Dow Jones Industrial Average gained 90 points, which helped it reach both intraday and closing records.
On top of Apple and the other big-time tech players moving the market, Goldman and 3M (MMM - Free Report) also helped Wall Street swing back.
Some might see the quick market correction as just that, while others might point to investors hoping to buy the large tech dip. What does seem to be clear is the fact that the markets have demonstrated they can be hyper-resistant to large declines over the last few months.
Last month, the S&P 500 fell 1.8% in one day. According to Business Insider, the index gained 85% of that single-day loss back over the next three days of trading, which marked the second-fastest rebound from a decline of that size in S&P 500 history.
It should also be noted that today’s move comes just ahead of the Federal Reserve's much-anticipated rate hike of 0.25 basis points.
Zacks' 2017 IPO Watch List
Before looking into the stocks mentioned above, you may want to get a head start on potential tech IPOs that are popping up on Zacks' radar. Imagine being in the first wave of investors to jump on a company with almost unlimited growth potential? This Special Report gives you the current scoop on 5 that may go public at any time.
One has driven from 0 to a $68 billion valuation in 8 years. Four others are a little less obvious but already show jaw-dropping growth. Download this IPO Watch List today for free >>