COVID-19 gives tech stocks a rise #Infographic

Published by Saima Jiwani Tuesday, June 16, 2020

With unemployment on the rise, the economy is seeing a major fallout as a result of COVID-19. However, amidst the pandemic – the stock markets continue to see a significant increase and data shows that new investors of tech stocks may be responsible.

In this regard, the Goldman Sachs compiled a report that shows new users position in the popular stock trading app Robinhood has tripled since the beginning of March – or around the time COVID-19 lockdowns began around the world.

As of May 14, the app showed 12 million user positions in the S&P 550, with majority advancing towards tech companies. In fact, many tech stocks – notably Apple, Amazon, Alphabet, and Facebook - are doing very well in the S&P 500 in the second quarter of 2020.

The S&P 500 saw only a slight drop of 1.1% this year. However, it did suffer a sharp decline when the COVID-19 restrictions began in March.

Infographic by: Statista

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