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Buy Adobe, Apple & Amazon as Tech Stocks and Market Hit New Highs?

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On today’s episode of Full Court Finance here at Zacks, Ben Rains looks at the continued market rally that has the major U.S. indexes returning to their pre-coronavirus highs. The episode then dives into Adobe, Apple, and Amazon, to see if any of the tech giants are worth buying near their new highs.

Stocks surged Friday on the back of better-than-expected May jobs data that helped show the economic recovery from the coronavirus lockdown is underway. The recent gains are part of a much longer and stronger rally that has seen the tech-heavy Nasdaq reach new all-time highs again. The S&P 500 is now down just around 1% in 2020, and the market rally might continue as Wall Street remains in “don’t fight the Fed” mode.

Clearly tech stocks have driven the rally from the market’s March 23 lows, from stay-at-home stars such as Zoom (ZM - Free Report) and Netflix (NFLX - Free Report) to the giants like Microsoft (MSFT - Free Report) . Adobe (ADBE - Free Report) is another standout, with its shares up 20% in 2020. The creative software powerhouse has expanded its cloud-focused offerings, and the stock hit new highs on Friday less than a week before it reports its Q2 financial results.

Meanwhile, Apple (AAPL - Free Report) stock is up nearly 50% during the market rally to rest near brand new highs. Now the question is should investors think about buying the iPhone maker as its market cap approaches $1.5 trillion.

Amazon (AMZN - Free Report) shares first touched new highs in May and they are now right back near that mark. The company’s business was tailor-made to outperform during the pandemic lockdowns. Plus, its core business units from e-commerce to cloud computing are set to grow for years to come.

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Each was hand-picked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2020. Each comes from a different sector and has unique qualities and catalysts that could fuel exceptional growth.

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