Tech investors reportedly aren’t looking forward to the one bright spot that you’d think all investors await: economic growth.
Investor have been flocking to the tech companies that sport big profit growth as the economy lumbers along.
“From here, the biggest risk for tech investors might be the long-promised upswing for the economy. A pickup in economic activity likely would lift cyclical corners of the stock market and prompt profit-taking in tech, something investors got a brief taste of last year,” The Wall Street Journal reported.
“Right now that looks like a distant threat. Apple Tuesday notched its 19th record close this year and a market capitalization north of $800 billion — a first for any U.S. company. Apple’s advance this year comes as the U.S. economy grew in the first quarter at its meekest pace in three years,” WSJ.com reported.
Other fast-growing tech stocks are soaring: Facebook has climbed