Aug 27, 2020 - Economy

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.