Tech, tech, tech – Nasdaq stocks rocked on Friday
Posted By RichC on October 28, 2017
A rocking bunch of positive earning from tech companies push companies like Google, Amazon, Apple, Facebook, Netflix, Microsoft, Intel and even Twitter higher. Although some financial analysts are recycling the “irrational exuberance” term, the excellent quarterly financial numbers are actually a reason for a positive attitude. I’m still nervous as to all the unknown surprises lurking, but do see reasons to believe the economy can continue to improve.
My nervousness has to do with the unpredictability of some leaders (President Trump included) and the 3 carrier groups we now looming over North Korea … and knowing we are in one of the longest running market climbs in history — recessions happen on average every 7 years — knowing that, we are overdue for a market correction.
Nasdaq Chart Friday 10/27/2017
Still, a tax cut and “maybe” even tax reform seems likely if Republican don’t “snatch defeat from the jaws of victory” as seems par for the course. For now, a lot of us are keeping one foot in and one foot out of the market.
“A strong dose of computer and internet earnings woke tech stocks from a moribund week, sending the Nasdaq 100 Index to its best performance in eight years relative to the broader market and putting fears of a FANG rout to bed, at least for a day.
Google parent Alphabet Inc. jumped 6.1 percent as of 12:20 p.m. in New York, and Amazon.com Inc. surged 13 percent as bottom-line profits wiped out analyst forecasts. Microsoft Corp. joined the rally, climbing 7.3 percent as its sales and income breezed past the Wall Street consensus.”
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