Wall Street’s Big Tech enthusiasm getting stronger
by John Biers – Tech Xplore
July 12, 2020
Tech stocks were going strong even before COVID-19, but behavioral shifts during the pandemic have lifted the sector further into the stratosphere, leaving the broader stock market far behind.
The Nasdaq surge also reflects gains by biotech companies working on vaccines and drugs to treat COVID-19, said David Kotok, co-founder of Cumberland Advisors.
The sector “is a bargain today,” he said. “Healthcare companies are spending today and the revenue will come tomorrow.”
“I don’t think it’s a bubble,” Kotok added.
While the success of the Nasdaq is the most obvious sign of the tech surge, the broad-based S&P 500 also shows the increased weight of the sector.
Read the full article at https://techxplore.com
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