Why Alphabet, Amazon, and Other "Magnificent Seven" Stocks Rallied Today
There's strong evidence that the catalyst that sparked the market rebound this year is changes in the artificial intelligence (AI) landscape. After collectively turning in their worst performance since 2008, the major market indexes have charged sharply higher this year, fueled by the possibility of widespread efficiency gains resulting from generative AI.
With that as a backdrop, search leader (NASDAQ: GOOGL) (NASDAQ: GOOG) climbed 2.6%, e-commerce pioneer Amazon (NASDAQ: AMZN) rose 2.8%, and social media maven Meta Platforms (NASDAQ: META) climbed 3.3%, as of 1:53 p.m. ET.
Positive sentiment from a Wall Street analyst helped fuel Amazon's gains, while a report published this weekend suggested the ongoing AI-fueled rally will help drive the so-called "Magnificent Seven" stocks higher in 2024.
Source Fool.com
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