Apple , Facebook , Amazon and Alphabet rallied on Thursday ahead of earnings reports from the quintet of technology titans that has helped keep Wall Street in positive territory this year, despite the coronavirus pandemic.
Facebook jumped over 5per cent, with Apple and Google-parent Alphabet each rising over 3per cent, and Amazon adding 1.6per cent. Those companies' gains ahead of their quarterly results after the bell added a combined US$163 billion to their market capitalizations, more than the entire value of McDonald's Corp .GRAPHIC: Big Tech's soaring market value - https://fingfx.thomsonreuters.com/gfx/mkt/oakvenrnapr/Pastedper cent20imageper cent201603991077530.
Rallies in shares of these top-shelf tech companies have led the S&P 500 to record highs, even as the index's smaller components struggle with a crippled global economy. This week's quarterly reports come amid turbulence on Wall Street, with soaring coronavirus cases and uncertainty about a fiscal relief bill in Washington dimming the outlook for an economic recovery and knocking over 5per cent off the S&P 500 between Monday and Wednesday. Rallying tech stocks on Thursday pushed the S&P 500 up almost 1per cent.
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