Nasdaq Clears 10,000 For First Time Ever Driven By Amazon, Facebook Gains

Sean Burch

Tech companies continued to drive Wall Street’s rebound from the coronavirus pandemic on Tuesday, with the Nasdaq index briefly clearing 10,000 for the first time ever behind strong days for Facebook and Amazon, among other tech giants.

By the end of trading day, the Nasdaq was up 0.3% overall to 9,953. (It touched 10,002.50 earlier in the day.) The gains added to a stark turnaround since late March, when the Nasdaq was sitting below 6,900. The 45% surge since then has been fueled in large part by the biggest names in tech.

Facebook jumped 3.1% on Tuesday to a new all-time high of $238.67 per share at the closing bell. Amazon, meanwhile, continued to set new all-time highs on Tuesday as well — a feat its reached with regularity in the last week — by closing at $2,600 per share, up 3% on the day. The e-commerce kingpin, led by CEO Jeff Bezos, has benefited from the increase in online shopping during the COVID-19 lockdowns.

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Apple got in on the all-time high action, too, closing at $343.99 after increasing 3.2%. And after a modest dip since mid-May, Netflix shares bounced 3.5% on Tuesday to $434 per share. The streaming heavyweight has also benefited from widespread stay-at-home orders, with company executives pointing to “temporarily higher viewing and increased membership growth” during its Q1 earnings call in late April; Netflix added a company-record 15.8 million new subscribers last quarter.

As for the other major indexes, the S&P 500 was down 0.75% on Tuesday to 3,207, while the Dow Jones fell 1.1% to 27,272.

Read original story Nasdaq Clears 10,000 For First Time Ever Driven By Amazon, Facebook Gains At TheWrap