Technology stocks led the NASDAQ index to record highs on Friday

 Technology stocks led the NASDAQ index to record highs on Friday

Netease technology news on June 6, according to foreign media reports, the heavyweight technology stocks that have boosted the US stock market in recent years have once again boosted the NASDAQ index in New York, setting a new high on Friday local time. The index has only 11 weeks to soar from a serious sell-off to a historical high.

The NASDAQ has risen 43% since the end of March, and the technology dominated NASDAQ is far ahead of the broader S & P 500, highlighting investors willingness to bet that technology and communications companies will become stronger after the outbreak.

The NASDAQ closed up 2.06% on Friday, surpassing its all-time high set on February 19. The NASDAQ closed Friday just below its all-time high of February 19.

The report on Mays non-agricultural employment released by the United States surprised investors, providing the clearest evidence so far that the U.S. economy is expected to recover from the epidemic. Even so, the road to economic recovery in the United States is likely to be long, with unemployment still high, reaching 13.3% last month, and many businesses are not expected to survive.

In recent months, many investors have been betting that large companies with strong balance sheets will build a competitive advantage and take market share from smaller competitors struggling in the global crisis.

Microsoft, apple and alphabet outperformed most of the Nasdaq, while Amazon and Facebook have hit record highs in recent weeks. Their strong performance has increased the weight of large technology companies in the NASDAQ index, continuing the trend of recent years.

Since the end of the last bull market in the NASDAQ on February 19, Amazons stock market has grown by more than $150 billion, far more than any other U.S. company, as investors bet that online shopping will continue to expand, and Amazons cloud computing business will grow rapidly. Alphabet is still down 6% since February 19, according to market research firm refinitivdata. Its market value has shrunk by about $25 billion, more than any other U.S. company. Microsoft and apple are the most valuable companies on Wall Street.

As the economic outlook remains uncertain, many companies have withdrawn or refused to provide performance expectations in recent months, making it difficult for investors to value shares based on future conditions. However, NASDAQs current P / E ratio is only 31 times, and the last time it reached that level was after the Internet bubble burst in 2004. (Chenchen)

Source: Zhang Zutao, editor in charge of Netease Technology Report_ NT5054