Technology stocks witnessed a bright week as the NASDAQ 100 index soared 4% last week. (Image: Reuters)
Technology stocks witnessed a bright week as the NASDAQ 100 index soared 4% last week. The index recovered smartly after turning negative year-to-date in early March. The names that pulled the index were Facebook, Apple, Amazon, Netflix, Google, etc., and were collectively called FAANG stocks. All FAANG stocks recorded a rise last week as the United States prepared for the next stimulus in the wake of a pandemic.
Facebook’s share price surged 7.31% last week, the highest of any FAANG share, ending at $ 298.66 per share. The tech giant, noticing that he was involved in many proceedings around the world, saw the US Supreme Court stand by his side in the proceedings. The proceedings accusing Facebook of violating federal Robocall law were dismissed by the court. In the UK, lawmakers are introducing Facebook’s acquisition of Giphy for further investigation.
Apple’s share price saw a volatile trading week, but closed at $ 123 per piece, 2.17% higher. iPhone makers were trading flat for most of March, but soared in the last few days of the month. Seeing a surge in coronavirus cases, Apple’s annual developer conference will be held online this year.
Jeff Bezos Amazon was also seen attending a party on Wall Street. The company’s share price surged 3.77% during the week, ending at 3,161 per share. Amazon was in a tough talk last week when US President Joe Biden picked out an internet giant for not paying federal taxes. In addition, Amazon is tackling labor issues, and last week admitted that Amazon drivers had to urinate in bottles at work.
Netflix shares surged 7.28% last week. The share price closed at $ 539.42 per share. Despite concerns, streaming websites are still doing well on Wall Street, as the economic recovery has forced people to return to their former normal state.
Alphabet, the parent company of Internet giant Google, did not miss last week’s rally, jumping 4.82% to $ 2,129 per case. During the week, Alphabet saw the CEO of the self-driving unit Waymo resign. However, John Krafsick, who resigned, will continue to be an adviser to the company.
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