Tech and banking pushed markets higher

By: Miguel A. Rodriguez

09:45, 14 September 2020

Promising prospects for Apple.

Yesterday was a day of records both for tech companies and for the American indices. The star of the day was Apple, whose shares increased to a record high after it announced that it would use its own chips on Mac computers and a new operating system for iPhones at the WorldWide Developers Conference. This is the sixth time in a month when Apple finishes at a record high: $366.53. Still, specialists believe that the price could go as high as $400. 

Facebook and Amazon were amongst those who drove TECH100 and USA500 higher with an increase of 1.3%, and 1.9% for Amazon – an all-time high. TECH100 closed being 0.7% higher, and the longest winning streak from December, when it advanced for 11 consecutive sessions, until now. 

USA500 closed the session higher by 0.4%. From its lowest point on March 23, it gained more than 42%. Overall, in 2020, it only lost 3.1%. The increase was pushed by a rise in banking stocks: JP Morgan, Bank of America, and Citigroup by more than 0.7%.

The markets seem to ignore the new COVID-19 outbreak, which brought the total number of active cases worldwide at more than 9 million. 

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