Mega-Cap Tech Stocks Surge for Fifth Day; Microsoft at Record
(Bloomberg) -- Mega-cap technology and internet stocks rallied on Monday, extending a recent advance as concerns eased over global trade tensions.
Amazon.com Inc. shares rose 3.8% while Apple Inc. was up 2% and Microsoft Corp. climbed 1.5% as it moved deeper into record territory. All three stocks -- the three largest U.S. names by market capitalization -- were on track for their fifth straight advance, Bloomberg data showed.
Microsoft shares have gained nearly 12% over the past five trading days, adding more than $100 billion to its valuation. Over the weekend, the company announced the next generation of its Xbox video-game console, which it said will be released in time for Christmas 2020.
Apple has gained as much as 13% over the period, lifting its market cap by about $99.5 billion. Amazon is up 11% over the past five trading days, including Monday, a rally that has increased its valuation by about $90.8 billion.
The S&P 500 Information Technology Index rose as much as 2% on Monday, also in its fifth straight advance. In addition to Apple and Microsoft, the sector was supported by a broad rally in semiconductor stocks.
Both Apple and Amazon are part of the so-called ’FAANG’ stocks, a quintet of major tech and internet names that have fueled broad-market gains for years. Among the other components, Facebook Inc. gained 1.2% on Monday; the social-media company is also on track for its fifth straight positive session, its longest such streak since June 2018. Google-parent Alphabet Inc. rose as much as 2.5% in its third straight positive session.
The only FAANG member in negative territory on Monday was Netflix Inc., which lost 1.1%.
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