This is not a paywall.

Register for free to continue reading.

The news sucks. But your reading experience doesn't have to. Help us improve that for you by registering for free.

Please create a password or click to receive a login link.

Please enter your password or get a login link if you’ve forgotten

Open Sesame! Thanks for registering.

First Thing, Daily Maverick's flagship newsletter

Join the 230 000 South Africans who read First Thing newsletter.

A South African Hero: You

There’s a 99.7% chance that this isn’t for you. Only 0.3% of our readers have responded to this call for action.

Those 0.3% of our readers are our hidden heroes, who are fuelling our work and impacting the lives of every South African in doing so. They’re the people who contribute to keep Daily Maverick free for all, including you.

We need so many more of our readers to join them. The equation is quite simple: the more members we have, the more reporting and investigations we can do, and the greater the impact on the country. We are inundated with tip-offs; we know where to look and what to do with the information when we have it – we just need the means to help us keep doing this work.

Be part of that 0.3%. Be a Maverick. Be a Maverick Insider.

Support Daily Maverick→
Payment options

Stocks Rally to Six-Week High as Big Tech Soars: Market...

Business Maverick

Business Maverick

Stocks Rally to Six-Week High as Big Tech Soars: Markets Wrap

A monitor displays Amazon.com Inc. stock information at the Nasdaq MarketSite in New York, U.S., on Tuesday, Sep. 4, 2018. Amazon.com Inc. briefly became America's second trillion-dollar company on Tuesday after adding $434 billion to its market cap this year. Photographer: Jeenah Moon/Bloomberg
By Bloomberg
12 Oct 2020 0

U.S. stocks climbed to an almost six-week high amid a rally in some of the world’s largest technology companies.

The S&P 500 extended gains into a fourth day and the Nasdaq 100 jumped as much as 4.1%, on track for its biggest advance since April. Amazon.com Inc. soared ahead of its Prime Day while Apple Inc. surged as the tech giant — whose price target was raised by RBC Capital Markets — is set to embrace 5G as one of its most significant additions to this year’s iPhones. Twitter Inc. rallied on an upgrade at Deutsche Bank, which also boosted its price estimates for other companies that derive their revenue from digital advertising such as Facebook Inc. and Alphabet Inc.

After plunging into a correction last month, the tech-heavy gauge extended its surge from this year’s lows to almost 75%. Investors have once again turned back to the companies flush with cash that can thrive if the economic recovery slows down. Prospects for a quick end to the stalemate over a new stimulus faded Monday with members of the House being told not to expect any action this week and many Senate Republicans rejecting the White House proposal for a deal.

Nasdaq 100 is on pace for best day since April

“People are going back to the trade that’s worked, and that’s the growth trade,” said Keith Gangl, a portfolio manager of Gradient Investments. “People are worried about missing out, so they are going right to the tech leaders.”

Read: Whale’s Resurfacing Shows Danger Persists in the Options Market

The hearings for the Supreme Court nomination of Judge Amy Coney Barrett began Monday in the Senate Judiciary Committee as Republicans try to cement a conservative majority on the court before the Nov. 3 election.

Elsewhere, oil slumped with workers in the U.S. Gulf heading back following Hurricane Delta’s landfall and Libya taking a major step toward reopening its biggest field. The offshore yuan sank after China’s central bank took steps to restrain the currency’s rally. The Treasury market was closed for a U.S. holiday.

Here are some key events coming up:

  • JPMorgan, Citigroup and BlackRock report earnings on Tuesday; results from Wells Fargo, Bank of America and Goldman Sachs are due Wednesday; Morgan Stanley’s earnings are scheduled for Thursday.
  • U.K. Prime Minister Boris Johnson set a deadline of Thursday to thrash out the outline of a European Union trade deal.
  • European Central Bank President Christine Lagarde leads off the virtual annual meetings of the International Monetary Fund and the World Bank Group. Through Oct. 18.

These are some of the main moves in markets:


  • The S&P 500 climbed 1.9% as of 3:30 p.m. New York time.
  • The Stoxx Europe 600 Index gained 0.7%.
  • The MSCI Asia Pacific Index advanced 0.9%.


  • The Bloomberg Dollar Spot Index gained 0.1%.
  • The euro fell 0.1% to $1.1812.
  • The British pound climbed 0.2% to $1.3065.


  • Germany’s 10-year yield fell two basis points to -0.55%.
  • Britain’s 10-year yield declined one basis point to 0.271%.


  • The Bloomberg Commodity Index fell 0.6%.
  • West Texas Intermediate crude declined 2.8% to $39.47 a barrel.
  • Gold weakened 0.4% to $1,923.01 an ounce.

–With assistance from Adam Haigh, Anchalee Worrachate and Lynn Thomasson.


Comments - share your knowledge and experience

Please note you must be a Maverick Insider to comment. Sign up here or sign in if you are already an Insider.

Everybody has an opinion but not everyone has the knowledge and the experience to contribute meaningfully to a discussion. That’s what we want from our members. Help us learn with your expertise and insights on articles that we publish. We encourage different, respectful viewpoints to further our understanding of the world. View our comments policy here.

No Comments, yet

Please peer review 3 community comments before your comment can be posted