During Wednesday’s trading, tech sector behemoths Apple Inc. (NASDAQ:$AAPL), Facebook Inc. (NASDAQ:$FB), and Microsoft Corporation (NASDAQ:$MSFT) helped the Nasdaq and S&P 500 to reach record highs.
Both Nasdaq and S&P 500 were trading at record highs through afternoon trading on the back of upward movement from some of the biggest names in the technology sector. Apple shares were up 0.74% while Microsoft and Alphabet Inc. (NASDAQ:$GOOGL) were up more than 0.50% as well. Facebook shares increased 1.62% to hit a new all-time high of $165.50 in afternoon trading.
Despite the short-lived tech dip at the start of last month, these four technology companies have helped turn things around. Now, these stocks are either sitting at or near their 52-week and all-time highs. Additionally, this positive momentum has helped keep Nasdaq and S&P 500 above the surface.
The technology division of the S&P 500 is up over 20% in 2017, thus making it the strongest performing portion of the index’s 11 different division. Want to hear something even more shocking? Amazon (NASDAQ:$AMZN) and Netflix, Inc. (NASDAQ:$NFLX) aren’t even listed on the index’s information technology sector.
As these numbers continue to climb, there is fear circulating the market that the train is doomed to fall off the tracks soon. If you remember when the dot-com bubble burst, you might be more inclined to pull back from the tech sector as those heights are reached once again.
That said, things can still wind up much different this time around, and these new tech companies have made it clear that they are here to say.
“At least in the second quarter and for the next quarter, technology is the only sector that will see double-digit growth,” Univest Wealth management chief investment officer Tom Cassidy told Reuters. He added, “If you look at the sector, it isn’t all that overvalued compared to the broader S&P index, except for a few names.”
Featured Image: depositphotos/littleny
