Shares from major technology companies have flown past the rest of the market.
After disappearing for several months, the group has staged a resurgence with several technical behemoths that have broken records in recent sessions.
Apple Inc. shares closed on record Friday after chopping their first new high since January earlier this week. Microsoft Corp. and Amazon.com Inc. shares also jumped to records Wednesday and Thursday, respectively.
“I’m very bullish on companies that can deliver strong organic growth and predictable growth,” said Dev Kantesaria, founder of Valley Forge Capital, who said he recently added his Amazon holdings. “Certainly the big technology companies will be able to do that.”
Some investors and analysts say they have become less optimistic that the US economy’s recovery will sustain its strong momentum. Lack of economic data in the past week and fears of the Delta variant of the Covid-19 virus have provoked volatility in the stock and bond markets.