Tech Stocks Gain Amid Concerns

18 June 2020

    The S&P winning streak has ended before it began, as US stocks slipped Wednesday amid new spikes of confirmed coronavirus cases in multiple areas of the US, including Texas and Arizona. Beijing had further cancelled several domestic flights to curb COVID-19 spread. 


    The Dow had followed, slipping 0.7%, and only Nasdaq got pulled up 0.2% (now at its fourth day of gains) due to tech stocks. Amazon rose 1%, Netflix - 2.7% and Alphabet 0.4%.


    Apple too hit its intraday record after RBC Capital Markets upgraded its price target to imply an 11% gain over the next year. Analysts gave quite some credit to the tech giant's share repurchase program, saying Apple "remains in a league of its own."

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