Nearly every FAANG stock hits a record high as the rally in mega-cap tech continues
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Four of the five FAANG stocks — a popular basket consisting of Facebook, Apple, Amazon, Netflix, and Google's parent, Alphabet — hit intraday record highs on Tuesday.
Alphabet was the only one to fall short; its record from February 19 stands.
Technology stocks have outperformed since the March 23 market bottom and the Nasdaq composite's 30% tumble over roughly five weeks.
Here's how much each of the FAANG stocks gained at Tuesday intraday highs.
On Tuesday, four of the five FAANG stocks — a popular basket consisting of Facebook, Apple, Amazon, Netflix, and Google's parent, Alphabet — hit record intraday highs.
Alphabet was the only one to fall short; its record from February 19 stands. Still, shares are up more than 12% year-to-date.
Technology stocks have outperformed during the market's swift rally from March 23 lows and the Nasdaq composite's 30% tumble over roughly five weeks. The outperformance has been driven by the perception that the tech industry is well positioned to lead the economic recovery from the coronavirus pandemic.
Tech's outperformance has pushed the Nasdaq to multiple record highs since the March bottom, and it was the first index to recover its pandemic losses.
Outside of the FAANG group, shares of Microsoft also hit an all-time high on Tuesday, gaining as much as 1.9%.
Here's how much each record-setting stock gained at intraday highs:
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