Jeff Bezos’ Amazon was also seen joining the party on Wall Street as the stock of the company jumped 3.77% during the week to end at 3,161 per share.
Technology stocks witnessed a cheerful week as the NASDAQ 100 index zoomed 4% last week. The index has recouped smartly after having turned year-to-date negative earlier in March. Pulling the index were the names such as Facebook, Apple, Amazon, Netflix, and Google — collectively called the FAANG stocks. In the previous week, all FAANG stocks recorded gains as the United States geared up for another round of stimulus in the wake of the pandemic.
Facebook share price zoomed 7.31%, most among the FAANG stocks, during the previous week to end at $298.66 per share. The tech giant which finds itself entangled in a number of court cases across the globe, saw the US Supreme Court takes its side in a case. A court case that accused Facebook of violating federal robocall law was thrown out by the court. In the United Kingdom, lawmakers have referred Facebook’s acquisition of Giphy for an in-depth probe.
Apple stock price saw a volatile trading week but managed to end 2.17% higher at $123 apiece. The iPhone manufacturer traded flat for most of March but in the last few days of the month has managed to surge higher. Seeing the surge of coronavirus cases, Apple’s annual developer conference will be hosted online this year.
Jeff Bezos’ Amazon was also seen joining the party on Wall Street as the stock of the company jumped 3.77% during the week to end at 3,161 per share. Amazon was on the receiving end of tough talk by US President Joe Biden last week when he singled out the internet behemoth for not paying federal taxes. Further Amazon has been dealing with labour issues and last week the company acknowledged the drivers of Amazon had to urinate in bottles when at work.
Netflix share price zoomed 7.28% during the previous week. The stock closed at $539.42 apiece. The streaming website is still going strong on Wall Street despite concerns as economic recovery pushes people to go back to the old normal.
Internet giant Google’s parent company Alphabet did not miss the rally last week and jumped 4.82% to end at $2,129 apiece. During the week Alphabet saw the Chief Executive of its self-driving unit Waymo step down. John Krafcik, the man stepping down, will however remain an advisor for the company.