Aug 27, 2020 - Economy & Business
Nasdaq is on the verge of doubling in 20 months
The tech-driven Nasdaq 100, amid a raging recession and plunge in profits, is on the brink of doubling in 20 months, Bloomberg points out.
Why it matters: It's a vivid sign of how disconnected the markets are from America's economic reality.
- The index set another record yesterday, led by gains in media and software stocks.
- Facebook, Amazon, Microsoft, Apple and Alphabet each rose to an all-time high. Netflix had its best day in three years.
Worth noting: Jeff Bezos became the first human worth $200 billion, according to the Bloomberg Billionaires Index.
- Elon Musk became a "centibillionaire," Bloomberg writes, as Tesla gains propelled his net worth to $101 billion.