The number of coronavirus cases in the U.S. is increasing at an alarming rate, leading investors to once again favor high-flying technology stocks.
 | THU, NOV 19, 2020 | | | | DOW | | NAME | LAST | CHG | %CHG | | AAPL | 118.64 | +0.61 | +0.52% | | BA | 205.67 | +2.37 | +1.17% | | INTC | 45.62 | +0.56 | +1.24% | |
| | S&P 500 | | NAME | LAST | CHG | %CHG | | GE | 9.66 | -0.07 | -0.72% | | AAPL | 118.64 | +0.61 | +0.52% | | AAL | 12.79 | +0.05 | +0.39% | |
| | NASDAQ | | NAME | LAST | CHG | %CHG | | AAPL | 118.64 | +0.61 | +0.52% | | TSLA | 499.27 | +12.63 | +2.60% | | AMD | 85.54 | +3.00 | +3.63% | |
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The number of coronavirus cases in the U.S. is increasing at an alarming rate, leading investors to once again favor high-flying technology stocks. Shares of Facebook, Amazon, Netflix, Alphabet, Microsoft and Apple all rose, lifting the broader market benchmarks. The Dow Jones Industrial Average gained 44 points, or 0.2%, after briefly falling more than 200 points. The S&P 500 climbed 0.4% and the Nasdaq Composite advanced 0.9%. "Technology stocks have become investors' security blanket. When anxiety rises, they go back to the reliable growth of technology," said Michael Arone, chief investment strategist at State Street Global Advisors.  A CNBC analysis of Johns Hopkins University data found that the seven-day average of daily new U.S. coronavirus infections is now at 161,165, up 26% from last week. In total, the U.S. has reported more than 11.5 million confirmed cases of the virus. "Negative COVID headlines/increased economic lockdowns (especially in NYC and LA County) are starting to offset vaccine optimism, and that's weighing on stocks," wrote Tom Essaye, founder of The Sevens Report. "We are now facing the biggest number of economic restrictions since the spring, and that will weigh on economic growth and, potentially, earnings." Billionaire hedge fund manager Bill Ackman, who made billions betting against the broader market in March as the pandemic was kicking off, said investors need to brace themselves for a "tragic" end of the year. Catch The News with Shepard Smith at 7 p.m. ET on CNBC. The nightly newscast provides deep, non-partisan coverage and perspective on the day's most important stories. |
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