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Stock prices have risen because of tech companies. The Dow Jones index rose by 353 points (or 1.2%) on Monday. The Nasdaq Composite advanced 2.9 per cent and the S&P 500 rose 1.9 per cent. The three are the most-followed stock markets in the USA. Apple was a key performer. Its stock went up six per cent. This was because investors think Apple will unveil its first 5G smartphone later this week. Facebook and Amazon also fared well.
Wall Street saw its best numbers in three months. Investor confidence remains strong, despite the economic damage caused by the COVID-19 pandemic. Analysts say tech companies are largely responsible for the confidence. Most tech companies have proved to be immune to the downturn. Their sales have skyrocketed as people stay at home more. Energy stocks were hit. Their prices dropped after a sudden fall in U.S. crude oil prices.
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