Nasdaq Refuses to Lose as Costco Sales Soar; Amazon Settles for New Record High
2020 has been a tale of two markets, and the Nasdaq Composite (NASDAQINDEX: ^IXIC) has definitely been the big winner. Even as old-economy stocks have suffered dramatic declines due to the COVID-19 pandemic, many of the tech-focused companies whose shares trade on the Nasdaq stock market have been able to adjust to the need for remote computing capabilities. Both the Composite index and the Nasdaq 100 Index reached new highs, climbing around 0.5% and 1%, respectively, even as other market benchmarks fell.
Even away from tech, Nasdaq stocks have done well, and Costco Wholesale (NASDAQ: COST) helped power the index higher Thursday. Meanwhile, Amazon.com (NASDAQ: AMZN) raced to new record heights, and while some are concerned about the nearly uninterrupted ascent for the tech giant, there are solid reasons why Amazon is doing as well as it is.
Image source: Costco Wholesale.
Source Fool.com
