Nasdaq surges on megacap earnings but fiscal uncertainty lingers | Malay Mail

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NEW YORK, Aug 1 — The Nasdaq jumped more than 1 per cent yesterday, powered by strong earnings from some of the largest US companies, but the Dow and S&P finished with smaller gains as uncertainty about the government’s next round of coronavirus aid kept economic worries on the radar. Apple...

Apple’s gain pushed it ahead of Saudi Aramco as the world’s most valuable public company, according to Refinitiv data. — Reuters pic

Amazon.com Inc gained after posting its biggest profit ever while Facebook jumped after the social media platform blew past revenue expectations. The four companies are among the top five in market capitalisation, representing roughly 20 per cent of the S&P 500’s total. Apple’s gain pushed it ahead of Saudi Aramco as the world’s most valuable public company, according to Refinitiv data.

Unofficially, the Dow Jones Industrial Average rose 121.01 points, or 0.46 per cent, to 26,434.66, the S&P 500 gained 25.34 points, or 0.78 per cent, to 3,271.56 and the Nasdaq Composite added 157.60 points, or 1.49 per cent, to 10,745.42. The benchmark index is now about 4 per cent shy of its February all-time high, but faltering macroeconomic data and rising Covid-19 cases in the United States are making investors cautious again.

 

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