Stock Market News: CrowdStrike Strikes Gold; Slack Attracts Home-Workers
The stock market remained jittery on Friday morning, although the swings in major market benchmarks were less severe than investors have seen in the past few weeks. Market participants are waiting to see how lawmakers will act to try to lessen the impact of the COVID-19 outbreak on people's finances, but the pressure that the pandemic has put on businesses and households is posing threats to various parts of financial system. As of 11:30 a.m. EDT, the Dow Jones Industrial Average (DJINDICES: ^DJI) was down 69 points to 20,018. The S&P 500 (SNPINDEX: ^GSPC) had dropped 19 points to 2,390, although the Nasdaq Composite (NASDAQINDEX: ^IXIC) was up 34 points to 7,184.
Amid all the declines in the market recently, tech companies with solid bases of subscribers have held up extremely well. CrowdStrike Holdings (NASDAQ: CRWD) is the latest example of that, posting encouraging earnings that suggested it would be able to make it through the coronavirus storm. Similarly, Slack Technologies (NYSE: WORK) has turned the social distancing we've seen across the globe into a business opportunity, drawing in more customers for its services.
Shares of CrowdStrike Holdings rose 17% Friday morning. The cybersecurity expert released fourth-quarter financial results late Thursday afternoon that confirmed its past growth trajectory, and its projections for the future were more encouraging than many had feared.
Source Fool.com
