U.S. Markets closed
  • S&P 500

    3,768.25
    -27.29 (-0.72%)
     
  • Dow 30

    30,814.26
    -177.24 (-0.57%)
     
  • Nasdaq

    12,998.50
    -114.10 (-0.87%)
     
  • Russell 2000

    2,123.20
    -32.15 (-1.49%)
     
  • Crude Oil

    52.36
    0.00 (0.00%)
     
  • Gold

    1,839.10
    +9.20 (+0.50%)
     
  • Silver

    25.16
    +0.29 (+1.16%)
     
  • EUR/USD

    1.2090
    +0.0007 (+0.0605%)
     
  • 10-Yr Bond

    1.0970
    -0.0320 (-2.83%)
     
  • Vix

    24.34
    +1.09 (+4.69%)
     
  • GBP/USD

    1.3595
    +0.0008 (+0.0585%)
     
  • USD/JPY

    103.7200
    +0.0330 (+0.0318%)
     
  • BTC-USD

    36,627.26
    +62.32 (+0.17%)
     
  • CMC Crypto 200

    713.10
    -22.04 (-3.00%)
     
  • FTSE 100

    6,720.65
    -15.06 (-0.22%)
     
  • Nikkei 225

    28,536.78
    +294.57 (+1.04%)
     

Apple Leads Big Tech Higher and Closes at a Record

Ryan Vlastelica
·2 min read

(Bloomberg) -- Shares of mega-cap technology and internet companies rose on Monday, with the group extending strong 2020 advances.

Apple Inc. rose 3.6% to end at an all-time closing high, though it fell short of reaching an intraday record. The stock has risen more than 85% this year, and it is poised to close out its second straight annual gain above 80%.

The stock is up more than 25% since the start of November, with recent gains coming on a report that Apple plans to build a self-driving car and is targeting 2024 to produce the vehicle. In a note dated Dec. 27, Piper Sandler wrote that an electric-vehicle revenue stream “could add another leg of growth in addition to a higher multiple” for Apple.

Among other stocks, Facebook Inc. rose 3.6% on Monday, Amazon.com Inc. added 3.5%, and Google-parent Alphabet Inc. climbed 2.3%. Microsoft Corp. closed up 1%, as did Netflix Inc. All have outperformed the broader market this year; Alphabet is the weakest performer of the bunch, up 32%, but that move is still roughly double the 15.6% rise of the S&P 500.

The S&P 500 Information Technology Index rose 1.2% to close at a record. The Nasdaq-100 Index added 1% on Monday, roughly in line with the 0.9% gain of the S&P 500, which hit an all-time high. Broader markets got a boost after President Trump signed a $2.3 trillion Covid-19 relief and government funding package.

While big-cap tech rose, some of the market’s most prominent “stay-at-home” stocks underperformed. Zoom Video Communications fell 6.3%, while Peloton Interactive lost 6.5% and Shopify declined 6.4%.

(Updates to reflect close of regular trading)

For more articles like this, please visit us at bloomberg.com

Subscribe now to stay ahead with the most trusted business news source.

©2020 Bloomberg L.P.