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Economic hope, tech love lift Nasdaq to record

Video Credit: Reuters Studio
Published on June 23, 2020 - Duration: 01:40s

Economic hope, tech love lift Nasdaq to record

Tech stocks continued to outshine the broader market amid widespread hopes the worst is over for the economy.

Conway G.

Gittens has the numbers.

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Economic hope, tech love lift Nasdaq to record

The Wall Street tech-apalozza grew stronger on Tuesday with the Nasdaq notching yet another record high.

Tech stocks, namely the one's which benefit from staying and working from home, buoyed the entire market across the board with all three indices rallying into the close.

Like so many market watchers Max Wolff, economist and managing member of Multivariate is perplexed as to why the market is ignoring America's rising COVID-19 infection rate.

"Look, I think that people we talk to who are medical professionals and statisticians are as befuddled as we are as financial statisticians that the sicker things seem to be, the happier people seem to be about it.

I think they call it denial but that's psychology - that's not my field, so I can't claim expertise but look, I mean the story of what made people nervous was once COVID and now the worse it gets the happier they are." As for individual sectors: Airline stocks were left out of the rally.

The group continues to go to Wall Street to raise capital to stay afloat until passengers return.

American Airlines on Tuesday increased a stock-and-debt money-raising plan to another $2 billion.

Meanwhile, United Airlines outlined plans to raise $3 billion by issuing new debt secured by its MileagePlus frequent flyer plan.

And turning to the economy, New home sales painted a different picture than a plunge in home resales did the day before.

Sales of new single-family homes rose a more than expected 16.6 percent in May.

That more than reversed the drop seen in April.

Economists say the new home sales data suggest the housing market rebound is well on its way.

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