TECH: "Wild Ride to Nowhere"
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APPL, MSFT, AMZN, GOOG, FB Soar to New High. Rest of Stock Market is a Dud, Has Been for Years
The market has come to totally depend on the "Giant 5." A scary out-of-whack weight on the way down.
By Wolf Richter for WOLF STREET.
The "Giant 5" - Apple, Microsoft, Amazon, Alphabet, and Facebook - had another good day on Friday, with their combined market capitalization rising by 0.6% to another new high of $6.64 trillion, continuing a spike that started on March 16 and now measures 62.2%. In dollar terms, five stocks gained $2.54 trillion in less than four months.
Since January 1, 2017, my "Giant 5 Index" has soared by 184%, or by $4.3 trillion, with two sell-offs or crashes or whatever in between.
Even these days, when trillions fly by so fast that they're hard to see, that's still a huge increase in market value of just five companies in the span of three-and-a-half years (market cap data via...... Read more
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