Stocks rise, Nasdaq outperforms as strong earnings offset economic fears

Stocks extended gains Friday morning, with the Nasdaq jumping about 1%, after a slew of better than expected corporate earnings results from major tech firms. Each of Facebook, Amazon, Apple and Netflix hit record highs shortly after market open.

Tech titans Facebook (FB), Amazon (AMZN), Apple (AAPL), and Alphabet (GOOG, GOOGL), each reported quarterly results that blew past estimates Thursday evening, affirming these companies’ pandemic-era dominance following a steep run-up in tech stocks over the past couple months.

Facebook grew its revenue 11% over last year as its advertising business remained resilient despite the pandemic-related slowdown across the broader ad industry. Alphabet’s ad business was hit more prominently by that trend, with Google ad revenue falling 8% over last year, though Alphabet’s overall top- and bottom-line results still topped estimates. Facebook’s daily active users jumped 13% to 1.79 billion and monthly active users rose 12% to 2.7% billion as the

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Nasdaq Likely to Exceed 2019 Returns Amid Pandemic: 5 Picks

More than half of 2020 is already over with no major economic, financial, political or technological breakthrough. The global economic and financial landscape is rotating around a health hazard — coronavorus — and its economic devastations.

The U.S. and the global financial markets are in a downturn facing severe volatility. Despite the gloomy scenario, the Nasdaq Composite Index is up more than 20% year to date, much to the delight of market participants. In comparison, the S&P 500 has just managed to enter positive territory and the Dow is still in the red.    

Impressive Performance by Nasdaq Composite

Nasdaq Composite ended 2019 providing 35.2% return, its best performance in six years. The tech-laden index started 2020 from where it ended last year. Barring a cornavirus-induced short bear market, the index maintained its north bound trajectory.

On Jul 20, Nasdaq Composite ended at 10,767.09, its 28th closing high so far this

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