Zoom Zooms 38%

The stock market’s amazing run continues. Yesterday looked to be the S&P 500’s eighth up day in a row. However, a quick dip at the close prevented it. No worries. We’re up again today.

The superstar stocks of this rally are leaving everyone else behind. Yesterday, shares of Tesla jumped over 12%. Why? Well, they did a 5-for-1 stock split. Of course, a stock split doesn’t add any value, but that didn’t stop the bulls. The company also announced a stock offering to raise $5 billion.

Apple also rallied on its 4-for-1 split. This was Apple’s fifth split since they went public 40 years ago. They’ve done three 2-for-1 splits, one 4-for-1 and one 7-for-1. That adds up to 224-for-1.

Shares of Zoom exploded higher today after a very strong earnings announcement. The numbers are astounding. As I look at it, the stock is currently up $124 per share or 38%. That’s just today. Zoom is up 565% this year.

We also had some key economic reports this morning. The ISM Manufacturing Index rose to 56. That’s the best reading in 19 months. Home prices recorded their biggest jump in 19 months.

Posted by on September 1st, 2020 at 1:34 pm


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