The mega-cap technology companies are getting bigger—again.
On another strong day for the broad market on Monday, stocks were led higher by the three most highly valued U.S. companies— Apple (AAPL), Microsoft (MSFT) and Amazon (AMZN). The Nasdaq Composite Index rose 2.2% to 10433.65, a record close. That extends Nasdaq’s rally to five straight days, a period in which the index has rallied almost 7%.
- Apple shares rallied 2.7%, to $373.85 a record close. The stock is now up 27% year to date, and on Monday finished with a market valuation of $1.62 trillion, crossing the $1.6 trillion level for the first time.
- Microsoft rose 2.2% on the session to $210.70, also a record, boosting the stock’s year-to-date gain to 34%. The software giant now has a valuation of $1.598 trillion.
- Amazon jumped 5.8% on the day to $3,057.04, the stock’s first close above $3,000. Amazon shares have rocketed 65% year to date. The company crossed the $1.5 trillion level for the first time, finishing at $1.525 trillion.
The three companies combined are now worth $4.7 trillion.
A number of other large-cap tech shares hit new highs, as well, including Accenture (ACN), Autodesk (ACAD), Activision Blizzard (ATVI), Cadence Design Systems (CDNS), Nvidia (NVDA), Netflix (NFLX), Adobe (ADBE), Salesforce.com (CRM), Intuit (INTU), Square (SQ), KLA (KLAC), Synopsys (SNPS) and eBay (EBAY).
As I wrote in the Tech Trader column in last week’s magazine edition, the four largest tech companies—the three mentioned above plus Alphabet (GOOGL), are now worth about as much as the next 19 largest U.S. listed companies combined.
Write to Eric J. Savitz at email@example.com