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S&P 500 and Nasdaq Composite, as well as Dow Jones Industrial Average index, have set new records as tech stock has jumped. Some stocks, like Virgin Galactic (SPCE), are also in green.
On Wednesday, the major stock market index rose to record highs, which means the largest companies listed on stock exchanges in the United States have shown good stock performance. In particular, tech shares have outperformed all the expectations. Prime examples that demonstrate bullish moods are S&P 500, Nasdaq Composite, and Dow Jones Industrial Average indexes.
On Wednesday, the S&P 500, the best representation of the U.S. stock market, closed 0.5% higher at 3,386.15. It hit the previous all-time record of 3,385.09. Another index, Nasdaq Composite, increased by nearly 0.9% up to 9,817.18. Both S&P 500 and Nasdaq set new records as tech stock has jumped. A prime example of this soar is Tesla Inc. (NASDAQ: TSLA). Its stock is moving higher, with a price of over $900.
Apple’s stock is also enjoying growth. Yesterday, it closed 1.5% higher than the day before. Samsung Electronics Co Ltd. (KRX: 005930) has also boasted gains resulting from its new Galaxy S20 phones that feature ultra-safe crypto wallets.
As for the Dow Jones Industrial Average, it climbed 115.84 points, or 0.4%, and closed at 29,348.03.
Virgin Galactic Stock Soars
Currently, Tesla is for sure the leading player in the tech market. However, it still has rivals, both among long-existing companies and relatively new firms. And one of its challengers is Richard Branson’s spaceflight company Virgin Galactic.
Virgin Galactic Holdings Inc. (NYCE: SPCE) is a spaceflight company within the Virgin Group. It develops commercial spacecraft and aims to provide suborbital spaceflights to space tourists and suborbital launches for space science missions. Last month, the company started trading on the New York Stock Exchange (NYSE) and became the first-ever commercial human spaceflight company to go public.
Initially, the price of Virgin Galactic (SPCE) stock was at around $12.10 per share. But since listing, the stock has seen an incredible soaring. It skyrocketed over 200% and crossed $37 levels on Wednesday, February 19. As we have reported, the Virgin Galactic stock price surged a whopping 23% to close the day at $37.35 and a market cap above $7 billion.
The company’s massive trading and enviable performance mean it makes good competition for Tesla and other tech giants.
S&P 500 and Nasdaq Up Despite Coronavirus
While tech shares are enjoying good times, investors continue to weigh the coronavirus’s impact on the global economy. The authorities of China, where the epidemy came from, promised to assist the coronavirus stricken business to recover.
Yan Wang, emerging markets and China strategist at Alpine Macro, stated:
“Encouraging signs have continued to emerge over the past week that China’s coronavirus outbreak … is contained. China’s stringent quarantine requirements will likely soon be relaxed, and the government’s focus will shift quickly from containing the virus to supporting the economy.”
According to the latest data, there are 75,779 coronavirus cases. 16,917 people have already recovered.