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Stocks - Nasdaq Rides Tech Higher to Turn Positive for the Year

Stock MarketsMay 07, 2020 03:35PM ET
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© Reuters.

By Yasin Ebrahim 

Investing.com –  The Nasdaq turned positive for the year after a sharp rally on Thursday, led by an ongoing climb in FAANG and a surge in PayPal on upbeat guidance, while slowing weekly unemployment claims also lifted sentiment.

Teh Nasdaq Composite jumped 1.26%, the Dow Jones Industrial Average rose 0.88% and the S&P 500 added 1.13%.

Tech continued its March higher as investors seemingly continue to back stocks that not only have ample cash in the bank to weather the pandemic, but also are showing signs that they are likely to benefit from the current Covid-19 crisis.

PayPal (NASDAQ:PYPL) missed earnings and revenue consensus estimates, but reported a surge in activity, with transactions up 20% as merchants on its payments platform continued to ramp up their e-commerce offerings in the wake of shelter-at-home measures. Its share rallied 13.4%.

In April, Paypal saw a "dramatic monthly acceleration of more 90% in new account adds as online commerce benefited from global 'shelter-in-place' behavior," Oppenheimer said in a note. "Management believes the secular shift toward digital payments has accelerated a few years."

Twilio (NYSE:TWLO), meanwhile, surged 42% after reporting a profit of 6 cents a share on revenue of $364.9 million, confounding estimates for a loss of 11 cents a share on revenue of $331 million.

The company reported active customer accounts jumped 23% year on year at the end of March

FAANG names, meanwhile, also supported the gain in tech, with Google-parent Alphabet (NASDAQ:GOOG) leading the pack, up 1.4%.

T-Mobile (NASDAQ:TMUS), meanwhile, climbed 9.5% as its first-quarter earnings of $1.10 per share topped estimates for $1.03 per share.

Energy, meanwhile, was among the biggest gainer on the day, led by a rise in oil prices amid hopes the reopening of the economy will lift crude demand and ease the glut in supplies.

Also helping sentiment, the number of Americans filing for weekly unemployment continues to slow, with 3.17 million claims recorded for the week ended May 2. That was above economists' forecasts of $3 million, but down for the fifth week in row, raising hopes the worst is over for the labor market.

The update on the labor market arrived just a day ahead of the crucial nonfarm payrolls report for April.

Stocks - Nasdaq Rides Tech Higher to Turn Positive for the Year
 

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Comments (9)
Midway Eholdings
Midway Eholdings May 07, 2020 3:31PM ET
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Trump wins again.
Kilo Byte
Kilo Byte May 07, 2020 3:31PM ET
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And he used the same tactic as Obama, trillions in stimulus debt spending and quantitative easing.  Where are all the "fiscal conservative" Trumpers now?
steven gitt
steven gitt May 07, 2020 3:29PM ET
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i do not care if you are a bear or a bull, but the world has literally been shut down for the majority of the year, and through corrupt actions of the fed they have pushed these stonks to all time highs while destroying millions of jobs and many small businesses
David David
David9 May 07, 2020 2:58PM ET
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As long as Trump does not poke at the China Lion, she would not Roar and market will be up 20% for the year.
steven gitt
steven gitt May 07, 2020 2:58PM ET
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trumps 2020 platform is america first, and he should pursue it aggressively. letting china destroy the US because people are afraid their iphones might not be made by slavve labor in china is a poor excuse, and something only a brainleess democrat would support because their globalist overlords tell them what to think
Kilo Byte
Kilo Byte May 07, 2020 2:58PM ET
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steven gitt  If he's so America first then why is he continuing to import hordes of H-1B foreigners to replace the American workforce?
David David
David9 May 07, 2020 2:58PM ET
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American First is not working. We will always need China to produce for the majority of things. There is no other that has the skill, infrastructure, work force, pay etc to match with the might of China production. No one can compete head to head.
Ken Lee
Ken Lee May 07, 2020 2:43PM ET
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ㅇㅇㄹㅎㄹ
Kilo Byte
Kilo Byte May 07, 2020 2:43PM ET
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^What he said.
Arul Alagan
Arul Alagan May 07, 2020 1:57PM ET
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I Request Covid-19 Don't Take Innocent People Lives In USA Instead Of It U Would Take Mr. DETTOL DONALD TRUMP lives & Save American People's From Him... He Makes US People To Die For Stock Market Bill...
Pwr Strk
Pwr Strk May 07, 2020 1:57PM ET
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fyi, it is a Chinese virus, that and its repercussions is what is ********people
Midway Eholdings
Midway Eholdings May 07, 2020 1:57PM ET
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Worry about your own ****country
David Knight
David Knight May 07, 2020 1:53PM ET
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nasdaq higher then before covid was the worst thing that could have happened to trump. it's all staged and everyone got poor. USD is garbage.
Pwr Strk
Pwr Strk May 07, 2020 1:50PM ET
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no longer a market economy but a technist economy - the irony is it's gonna be pulled back to earth by reality
Pwr Strk
Pwr Strk May 07, 2020 1:50PM ET
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the bankrupt but connected society
John Patrick
John Patrick May 07, 2020 1:40PM ET
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Inconceivable...what about Main St.?...millions jobless, bankruptcies galore, plunging GDP.. A few tech and FAANG stocks now determine the value of the market. Something seriously wrong here!!
Ntokozo nkosi
Ntokozo nkosi May 07, 2020 1:35PM ET
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This NFP is going to be historic
Thabo Mali
Thabo Mali May 07, 2020 1:35PM ET
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How my brother can you explain
andy yang
andy yang May 07, 2020 1:35PM ET
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Thabo Mali unemployment bro
 
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