Friday, October 27, 2017

Techs have a market moving Friday

Well capitalized technology firms with a record of revenue growth rose today in tandem today after Amazon reported earnings.  Amazon stock was up 13% while the two Googles average price increase was 4.5%,  the rising Microsoft up over 6%, Facebook up 4%, remember Intel, up 7%, and the beleaguered Twitter up 7%.  The overall QQQ, led by these gains, was up 2.9%.

Any weakness in the broader market was stock specific such as an earnings disappointment at Merck and profit taking in some non tech names that have had good runs.  It's a performance that may be overdue for some of the tech giants with dominant franchises.  Any thoughts about the uncoordinated  nihilist approach that Trump is taking to the NAFTA negotiations was out of mind.  The era of global growth is touted by many.  Is it too good to be true?

November will tell more, but the gains today were encouraging.  That could entice more retail investors into a situation that cannot stay this steady.


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