Video Game Stocks Prop Up Nasdaq on Activision, Take-Two Strength
The stock market has seen crosscurrents lately, and Wednesday was just the latest example of how the Nasdaq Composite (NASDAQINDEX: ^IXIC) has done a great job of avoiding market downdrafts. Even though other benchmarks were notably lower on the day, the Composite managed to finish up 0.15%. The Nasdaq 100 index did even better, posting a gain of 0.3%.
Video game companies saw their shares move higher on Wednesday, led by Activision Blizzard (NASDAQ: ATVI) and Take-Two Interactive (NASDAQ: TTWO). The industry has seen some favorable trends during the coronavirus pandemic, but innovative game offerings are also helping the companies.
May was the best month for video game companies in a long time, as sales figures were strong. Total sales for the industry were up 52% year over year, clocking in at $977 million, according to the latest figures from NPD Group.
Source Fool.com