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Nasdaq Composite Hits New Record High as Tech Stocks Lead Rally
Jan 22 2021 · 10:35 UTC | Updated
Jan 22 2021 · 10:46 by Bhushan Akolkar · 2 min read
Photo: Depositphotos
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Wall Street remains optimistic about the earnings reports of top tech companies coming next week. While tech leads Nasdaq, the market maintains caution on the hope of approval of the next stimulus bill. Unemployment insurance claims drop for the week ending January 16.
On Thursday, January 21, Nasdaq Composite (INDEXNASDAQ: .IXIC) surged 74 points to hit a new record high of 13,530.92. The tech-heavy index surged on the backing of a strong rally in the tech stocks.
Tesla may not be as vulnerable to Apple s EV entry as some claim, say Morgan Stanley analysts.
Apple will need to focus on vertical integration if it wants to compete in the low margin vehicle business.
That doesn t mean Tesla isn t facing a slew of new challenges from the competition in a now-crowded industry.
In December, Reuters reported that Apple was targeting the EV market in 2024 with battery technology that could radically reduce the cost of batteries and increase vehicle s range.
The news caused Apple s stock to rise amid speculation of long-range iCars . Talk has died down since, and Apple s stock is back down around $130 per share.