FAANG Stocks Swallow Up More of the Nasdaq Than Ever Before
(Bloomberg) -- The FAANG stocks have set another record.
As earnings season comes to a close, popular technology stocks are making up a bigger piece of the pie than ever before. The FAANG block of Facebook Inc., Amazon.com Inc., Apple Inc., Netflix Inc. and Google now account for over 27 percent of the NASDAQ Composite Index, a new all-time high.
Friday’s jump comes on the back of Apple’s better-than-expected earnings coupled with news of Warren Buffett’s latest purchase of shares in the iPhone maker.
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