The coronavirus’s pandemic situation has negatively impacted many businesses, and small companies who can’t bear the losses have even filed for bankruptcy. But, when it comes to tech companies, they perform better than ever during these hard times. Recently tech companies’ stocks on wall street soared up with a significant margin that shows the substantial success of these big companies. NASDAQ composite index went up by 2.2% during the trading hours that shows the importance of tech companies during the hard times. Big companies like Amazon, Apple, Microsoft performed better than anyone’s expectations.
Applied shares went up by 2.7% by closing at the highest rate of $373.85; this year has been the most profitable in the form of the stock market for apple. Because the tech company’s shares went up by approximately 27% during this year, and valuation crossed $1.62 trillion benchmarks. Microsoft also went up by 2.2%, closing the share at $210.70.
From last year to the current date, Micorosft shares witnessed an upward trend of 34%, with a $159 trillion valuation. The pandemic situation forced lots of companies to shut down their operations for a significant period. It includes many startups that were surviving on an extra pile of cash reserves from its investors. However, now only big companies that have control and monopoly over their operations are profiting a huge amount of money even during pandemic.
The biggest gainer of this upward trend in the stock market was the e-commerce giant company Amazon. Its shares went up by 5.8% during the intraday trading, closing it to $3507.04. The tech giant company crossed the benchmark of $1.5 trillion for the first time by managing to witness the rise in shares by 65% during the year.