Another Record in Reach of Tech Stocks as Big 5 Add $500 Billion - Bloomberg

Another Record in Tech Stocks... http://ift.tt/2m5uKni The rally in mega-cap tech stocks is poised to close a final chapter in the history of the dot-com bubble. Namely, after a 17-year hiatus, it’s put the S&P 500 Information Technology Index within spitting distance of a record, making it one of the last of the benchmark’s 11 major industry groups to complete the circuit. The computer and software gauge has soared 17 percent in 2017, leaving it less than 5 percent from its level on March 27, 2000. It’s testament to the excesses of the Internet era that it hasn’t happened yet, at a time when technology stocks are in such ascendance. The five biggest U.S. companies by equity market value, Apple Inc., Alphabet Inc., Microsoft Corp., Amazon.com Inc. and Facebook Inc., are up an average 24 percent in 2017, adding $500 billion to their share capitalization. At just under $3 trillion, their combined value is 17 percent of U.S. gross domestic product -- a greater share than ever happened during the first Internet age. “It’s almost like you’re seeing a buying stampede,” Michael Ball, president and lead portfolio manager of Colorado-based Weatherstone Capital Management Inc., said by
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