Amazon, Netflix Are Among Tech’s Biggest Stock Gainers Since Christmas Eve Rout - EcoFinBiz Blog

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Amazon, Netflix Are Among Tech’s Biggest Stock Gainers Since Christmas Eve Rout

Some of the tech sector’s biggest names have seen a strong rebound in their stock prices since the stock market hit a low point on Christmas Eve, with Netflix and Amazon rising more than 20% since then.

For much of 2018, tech stocks were among the best performers in the U.S. stock market. Once a sudden selloff began in the fall, however, the FAANG stocks--Facebook, Apple, Amazon, Netflix and Alphabet--saw volatile declines in their stock prices as concerns about their high valuations caused many of them to tumble.

Following weeks of declines, stock indexes reached a low point on Christmas Eve, typically a sleepy trading session for investors. Concerns about a U.S.-China trade war and rising interest rates had investors concerned. A tweet from President Trump that led investors to worry he was considering firing the Federal Reserve Chairman caused the Dow Jones Industrial Average to fall 650 points in a day.

Since then, the Dow has risen 8% and some of the FAANG stocks have outperformed it. nflx Netflix has risen 35.3% and amzn Amazon has gained 21.3%, according to Yahoo Finance. fb Facebook’s stock has advanced 11%. Alphabet, meanwhile, has underperformed the Dow, rising 7.9%.

Apple is the only FAANG stock that is trading below its closing price on Christmas Eve, falling 1.1% from that level. Last week, Apple CEO Tim Cook published a letter to shareholders saying that revenue in the last quarter of 2018 would be $84 billion, well below analyst forecasts and a 4.8% decline from the $88.3 billion revenue in the same quarter a year earlier.

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