Some of the world’s largest technology companies led the United States of America’s stock market to a fresh record this week, extending a rally that has already added $6tn in value to the equity market this year.
Bloomberg reported that after swinging between gains and losses throughout most of the session, the US S&P 500 moved higher on news that Facebook Inc. won dismissal of two monopoly lawsuits.
Some of the stay-at-home companies like Apple Inc., Amazon.com Inc. and Zoom Video Communications Inc. climbed as the reflation trade waned.
The S&P 500 is the index that tracks America’s largest 500 companies by market capitalisation.
Cruise operators and airlines reportedly sank as governments from Europe to Asia imposed new limits on travel from Britain which is seeing a spike in coronavirus cases.
With US stocks on track for one of their best first halves in history, the debate over elevated valuations is coming back to the forefront. The S&P 500 is trading above the average of the past decade, and this quarter potentially marking the peak of a profit recovery from the depths of the pandemic.