Wall Street gains on Big Tech boost; Apple, Facebook hit record high

01 Août, 2020, 03:22 | Auteur: Auguste Feret
  • Provided by CNBC A cyclist passes by the New York Stock Exchange in New York

Inc jumped 4.2% after posting the biggest profit in its 26-year history, while Facebook Inc gained 7.6% after it reported better-than-expected revenue.

"The results were just fabulous, just so strong", said Tim Ghriskey, Chief Investment Strategist at Inverness Counsel in NY.

The four companies are among the top five in market capitalization, representing roughly 20% of the S&P 500's total.

Apple Inc surged as much as 7.1% to briefly take over Saudi Aramco as the world's most valuable public company, as it delivered year-on-year revenue gains across every category and in every geography.

The White House and Democrats were still negotiating on coronavirus relief aid, but not yet on a path toward reaching a deal, according to House of Representatives Speaker Nancy Pelosi, hours before the expiration of a federal unemployment benefit.

"It seems like they are far apart and supposedly they are working at it and there is a lot of name calling and as usual there is a lot of bad blood between these two parties and they have to come to some compromise, clearly, but they are not there, that's for sure", said Ghriskey.

A surge in the stock price of the tech titans, which make up almost a fifth of the S&P 500's value, and an estimated $5 trillion in asset purchases unleashed by the five biggest central banks globally have sent the tech-heavy Nasdaq to record highs and set the S&P 500 on course for its fourth straight monthly gain.

US stocks opened higher on a boost from technology companies.

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Wall Street's main indexes opened last day of July in positive territory.

USA deaths from Covid-19 appeared to be rising at their fastest rate since early June, and the Midwest looked like the current epicentre of the pandemic.

The benchmark index is now about 4% shy of its February all-time high, but faltering macroeconomic data and rising COVID-19 cases in the USA are making investors cautious again. The Nasdaq Composite .IXIC was down 9.66 points, or 0.09%, at 10,578.15.

Energy stocks .SPNY fell the most among the 11 major S&P sectors after Chevron Corp CVX.N reported an $8.3 billion loss on asset writedowns and ExxonMobil Corp XOM.N recorded a second consecutive quarterly loss.

Caterpillar Inc reversed premarket gains and fell 4.3% after the heavy equipment maker signaled more pain due to an uncertain economic outlook.

Declining issues outnumbered advancers for a 2.76-to-1 ratio on the NYSE and a 3.57-to-1 ratio on the Nasdaq.

The S&P index recorded 25 new 52-week highs and no new low, while the Nasdaq recorded 85 new highs and 14 new lows.

About 11.01 billion shares changed hands in United States exchanges, compared with the 10.53 billion daily average over the last 20 sessions.

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