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The technology industry’s central role in an American economy shaped by attempts to mitigate the spread of COVID-19 is being reflected in how investors are approaching markets in these turbulent times.
Indeed, in regular trading today the Dow Jones Industrial Average (DJIA) was down sharply. The S&P 500 dipped a little less, but was mostly in line. The tech-heavy Nasdaq, however, was not. And perhaps even more surprising, a key subset of the technology world wasn’t down at all — it was up.
Here’s how today’s trading left us:
The day’s declines did not stem from a single fundamental cause. Some financial publications highlighted congressional inaction as the reason. You could easily add rising COVID-19 infections to the list.
Uber saw shares rise 3.99% to close at $22.40. Lyft shares also rose 6.3% to $22.61 at market close. The two companies are still below their highs in 2020. Lyft and Uber hit year-to-date highs on February at $53.94 and $41.27 respectively.
Other mobility related companies such as automakers saw mixed results. Ford shares took a hit and fell 7.18% to close at $4 after Fitch Ratings downgraded the automaker to a skosh above non-investment grade with a negative outlook driven by the COVID-19 pandemic.
GM shares also fell 2.98% to $17.60. Meanwhile, Tesla shares rose 1.58% to $434.29 a share.
BUY DOW JONES AT: 19103, TAKE PROFIT AT: 19527, STOP LOSS AT: 18900