Some of the world’s largest technology companies led the United States of America’s stock market to a fresh record this week, extending a rally that has already added $6tn in value to the equity market this year. Bloomberg reported that after swinging between gains and losses throughout most of the session, the US S&P 500 moved higher on news that Facebook Inc. won dismissal of two monopoly lawsuits. Some of the stay-at-home companies like Apple Inc., Amazon.com Inc. and Zoom Video Communications Inc. climbed as the reflation trade waned. The S&P 500 is the index that tracks America’s largest 500 companies by market capitalisation. Bloomberg also stated that demand for protection against losses in the coming months has risen in the US options market.

Source: Punch June 30, 2021 23:37 UTC