Snowflake, Elastic Show Stock Market's Tech Support Is Stronger Than Ever
The stock market has done an exemplary job of recovering from its early 2020 lows, and major market benchmarks continued to shrug off what might otherwise be considered terrible news to push higher into record territory. Despite unprecedented numbers of COVID-19 cases, hospitalizations, and deaths in the U.S., market participants instead seem to be focusing on the prospects for vaccine deployment to bring the pandemic under control in the coming months.
As of 11:30 a.m. EST on Thursday, the Dow Jones Industrial Average (DJINDICES: ^DJI) was up 171 points to 30,055. The S&P 500 (SNPINDEX: ^GSPC) had gained 9 points to 3,678, putting it at a record high, and the Nasdaq Composite (NASDAQINDEX: ^IXIC) similarly had pushed into unprecedented territory with a rise of 63 points to 12,412.
After Zoom Video Communications (NASDAQ: ZM) disappointed investors by prompting a massive share-price decline even after posting strong business results in its most recent quarter, many investors believed that the tech boom that supported much of the bull market in the second part of 2020 might have come to an end. But today's action in tech contradicts that view, as both Snowflake (NYSE: SNOW) and Elastic (NYSE: ESTC) were rising sharply after their respective earnings reports.
Source Fool.com
