In another up for technology shares, software companies saw their values reach new heights today.
The day’s trading comes after a sell-off last week eased some of technology companies’ rebounds from their COVID-19 lows; stocks in tech companies have more than made up for their early-year declines in mid-2020, with the Nasdaq reaching 10,000 points before giving up some ground.
Today the Nasdaq Composite index rose 0.15% to 9,910.53 points, just a few bips short of its all-time highs. A thematic tech index focused on fintech also saw their values recover to a mote under previous highs. The S&P 500 fell 0.36% to close at $3,113.41 and the Dow Jones Industrial Average Index decreased 0.65% to $26,119.13.
But software companies, tech’s highest fliers, set new records as measured by the Bessemer cloud index. According to the Financial Times, the software-and-cloud tracking index has seen gains of more than 45% during the last year, a sharp advance during a year of economic uncertainty and occasional stock market carnage.
Looking around more broadly, tech shares with a bit more of a value flavor — GAAP profitability, regular dividends, etc. — performed well, with Apple setting new record highs as well. The smartphone giant and services shop is worth more than $1.5 trillion, underscoring how attractive stable-tech has proved in 2020. On the same theme, Microsoft is a few points from all-time highs, and is worth around $1.48 trillion.
But while software’s growth has proved attractive, as has the stability of megacorp