In light of the recent announcement of the 90% effective potential vaccine for Coronavirus via Pfizer, tech stocks have taken a major hit causing these corporations to rally.
The announcement of the vaccine led many investors to pull their money from the tech market, in addition to other stat-at-home industries and instead invest in more cyclical stocks that, following the end of the pandemic, will rebound. Stocks in Netflix saw a fall of 9%, stocks in Etsy and Zoom dropped 18% and stocks in Peloton fell by 26%.
As a result, the tech companies rallied in light of the drop following the drop in prices throughout this week. The bounce back that companies saw was as follows: Netflix 2.2%, Apple 3%, Facebook 1.5%, Alphabet 0.6% Amazon 3.4% and Microsoft 2.6%. The NASDAQ and S&P 500 also went up closing at 2% and 0.8% respectively.
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