Jul 21, 2020 (Baystreet.ca via COMTEX) -- The tech heavy Nasdaq stock exchange continues to move higher.
Despite negative economic news and poor earnings results, the Nasdaq 100 index had its best gain in three months on Monday and its momentum is now at its highest level in two decades.
The Nasdaq 100 rose almost 3% on Monday, its best day versus the S&P 500 since mid-April. Meanwhile, the average S&P 500 stock dropped 0.5% on Monday. Continued gains in popular technology stocks are lifting the benchmark higher and higher. The Nasdaq exchange is now up 25% in 2020 and the S&P 500 is positive for the year.
Without the biggest five companies, tech-related stocks are up a combined 17% this year. The S&P 500's 0.7% gain for 2020 would instead be a loss of 5.4% without support from companies such as Amazon, Microsoft, Apple and Google. Amazon alone has surged more than 70% in 2020, while Microsoft and Apple are each up about 35%.
The biggest technology companies gained more than 3% Monday, on pace for their biggest gain in two weeks. Other stocks that have benefited from the rally include software makers Twilio Inc. and Atlassian Corp. each of which rallied more than 10%, while Shopify Inc. and Zoom Video Communications Inc. each gained more than 8% on Monday.
The current technology rally has pushed the Nasdaq 100 further away from its recent trend line. Trading 21% above its average price over the past 100 days, the gap in the index is now the widest since the dot-com craze of 2000.
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