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A day after Congressional grilling, big tech stocks add $250 billion

Added 07-31-20 03:18:03am EST - “A day after their leaders faced five hours of interrogation in Congress over allegations their power and influence is out of control, four of the biggest American tech companies saw their combined ?” - Nypost.com

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Posted By TheNewsCommenter: From Nypost.com: “A day after Congressional grilling, big tech stocks add $250 billion”. Below is an excerpt from the article.

A day after their leaders faced five hours of interrogation in Congress over allegations their power and influence is out of control, four of the biggest American tech companies saw their combined market value swell by $250 billion thanks to earnings that shocked even Wall Street.

Shares of Amazon.com Inc., Facebook Inc., Apple Inc. and Alphabet Inc. built on already-torrid rallies after each reported earnings or revenue that crushed analyst estimates. Combined, the companies put up sales of $200 billion in the three months ended in June, with Amazon reporting a record quarter.

The earnings served as further evidence to frenzied stock investors that the companies’ automated, algorithmically optimized businesses are not only weathering the coronavirus pandemic but are thriving in it. Politically, they could reinforce suspicions that growth in U.S. technology providers has gotten unhinged. The firms are booming while Old Economy industries like retailing and car-making falter, pushing scores of companies into insolvency and costing millions of Americans their jobs.

“I will tell you this, it’s good that these tech giants did their hearings yesterday and not tomorrow given all these results,” Wedbush analyst Dan Ives told Bloomberg Television.

Combined, Apple, Amazon, Google and Facebook boast a market-cap above $5 trillion, about a fifth of the entire S&P 500. While the average S&P 500 stock is still down 7% in 2020, an index of Fang stocks is up 34%.

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