Tech stocks just set a new record yesterday.
The S&P 500’s information technology sector ended Wednesday at 992.29, an all-time high. Up 23 percent after nine consecutive days of gains, the tech stocks broke the 17-year record of 988.49.
Out of the index’s 11 sectors, Wall Street Journal reports technology is the best performing this year despite a dip in June. Apple is on its best streak since August 2014, while it may soon be joined by Google’s parent company Alphabet if the latter reaches a market capitalization about $700 billion. Both Facebook and Microsoft closed the market on Wednesday at all-time highs. Meanwhile, IBM and Western Union, both of which are S&P 500’s information technology sector, are down ten percent in 2017.
Both Facebook and Microsoft closed the market on Wednesday at all-time highs. Meanwhile, IBM and Western Union, both of which are S&P 500’s information technology sector, are down ten percent in 2017.
Asurge in stock prices of semiconductor manufacturers, which make chips used in most tech products, have also fueled the spike, according to the Wall Street Journal. Compare to other stocks, shares in software firms are also performing well.
Many tech companies to release earning reports in the next month, experts think the stocks could even reach greater heights.
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