Nasdaq Leads Wall Street Higher as PayPal, Sonos Climb

The Nasdaq Composite (NASDAQINDEX: ^IXIC) has been outperforming the overall stock market for quite a while now, and Monday was no different. The index of Nasdaq stocks climbed more than 1%, going above the 10,000 level once again. The Nasdaq 100 index also posted a better-than-1% move higher.

Much of the rally among Nasdaq stocks in recent months has come from companies that offer ways for people to deal with the challenges that the COVID-19 pandemic has brought. PayPal Holdings (NASDAQ: PYPL) has benefited from greater use of e-commerce and the need to make electronic payments to pay for things online. Meanwhile, Sonos (NASDAQ: SONO) has benefited from demand from people staying at home to have more technological capabilities, and some rumors suggest it might get attention from a well-known company as a possible acquisition.

PayPal Holdings saw its shares move higher by 4%. Among the tailwinds that the payment processor has seen recently, PayPal got a vote of confidence from a stock analyst on Monday.

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Source Fool.com