Big Tech Reaches New Record Heights At The Stock Market

Shares of several major technology companies, including Facebook Inc. FB, Apple Inc. AAPL, Amazon Inc. AMZN, and Microsoft Corporation MSFT, reached new all-time highs at Tuesday's close.

What Happened

The Big Tech stocks have surged as the novel coronavirus (COVID-19) pandemic-related lockdowns have eased across the United States, even as the country grapples with protests in the aftermath of George Floyd.

Amazon continued to surge through the pandemic, as more people looked towards e-commerce as a measure of social distancing, and the company operated as an essential business during the lockdown. Bank of America raised its price target on Amazon's stock from $2,600 to $3,000 on Tuesday.

Microsoft saw a surge in the usage of its workspace software Teams and its cloud subsidiary, as more people turned to remote work.

Facebook has seen a rise in usage and has benefited from its recent entry in the e-commerce business, even as the advertisement revenue is hurt due to the economic fallout from the pandemic. Goldman Sachs upgraded its price target on the company's stock from $220 to $250 on Tuesday, Barron's reported.

Apple has taken a hit from coronavirus as its retail outlets across the globe remained close for an extended period. But according to Wedbush analyst Daniel Ives, the consumer electronics company may well be on its way to hit $425 on the back of the 5G technology and services business segment.

Price Action

Facebook shares closed 3.1% higher at $238.67 on Tuesday. The shares added another 0.5% in the after-hours session at $239.80.

Amazon shares closed 3% higher at $2,600.86 the same day and added another 0.5% in the after-hours at $2,614.50.

Apple shares closed nearly 3.2% higher at $343.99 and traded further 0.4% higher in the after-hours session at $345.40.

Microsoft shares closed about 0.8% higher at $189.80 and were up another 0.3% in the after-hours at $190.30.