Stock Market News: Is the Coronavirus-Driven Boom in Videoconferencing Stocks Over?
Tuesday morning brought more gains to the stock market, albeit without quite the same level of momentum that created such a big move higher on Monday. Market participants were ready to remain confident that the economic prospects for a period after the coronavirus pandemic gets under control could be better than feared. As of 11:30 a.m. EDT today, the Dow Jones Industrial Average (DJINDICES: ^DJI) was up 564 points to 23,171. The S&P 500 (SNPINDEX: ^GSPC) rose 56 points to 2,720, and the Nasdaq Composite (NASDAQINDEX: ^IXIC) gained 109 points to 8,022.
Yet once again, videoconferencing stocks weren't able to gain ground on a positive day on Wall Street. Zoom Video Communications (NASDAQ: ZM) lost 9%, while RingCentral (NYSE: RNG) saw its stock sink 8%. With the losses, some investors fear that the enthusiasm with which those stuck at home have embraced video communications could evaporate once people start to return to work -- leaving those who bought shares with unrealistic hopes about the long-term future of companies offering that technology.
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Source Fool.com
