The technology sector is booming and at the heart of the current market rally. It has shown strong resilience in one of the worst economic environments that the United States has ever seen.
Most of the strength is being driven by the biggest names in the sector like Facebook FB, Apple AAPL, Amazon AMZN and Microsoft MSFT thanks to the shift in consumer habits to a purely digital world with work, entertainment and shopping from home. In fact, the combined market value of the four companies is now close to $5 trillion, with Apple claiming the top spot at nearly $1.5 trillion. Only Facebook out of the four has a market cap below $1 trillion (read: Take a Bite of the Red-Hot Apple Stock With These Tech ETFs).
These big tech stocks propelled the broader stock market, especially the tech-heavy Nasdaq Composite Index, which has crossed the 10,000 milestone for