Aug 27, 2020 - Economy & Business

Nasdaq is on the verge of doubling in 20 months

A stock market graph showing an increase.

Tuesday's close. Screenshot via CNBC

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.
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