Apple, for instance, now trades at a price to earnings ratio of 35.1, compared with its 52-week high of 40.9, while Amazon.com Inc trades at a P/E of 94.9, compared with its 52-week high of 152. Microsoft trades at a trailing P/E of 36, down from its 52-week high of 40.2, while Facebook trades at a P/E of 34.9, down from its 52-week high of 38.8.
NEW YORK: A weaker-than-expected election performance by Democrats and fears of new coronavirus restrictions have prompted investors to double down on high-flying technology stocks, which have come roaring back in recent days to put the Nasdaq within striking distance of a record.
Since Election Day, the tech-heavy Nasdaq Composite is up 6.6%, easily outpacing the 4.2% gain in the broad S&P 500 over the same time. This was partly driven by investors and traders unwinding trades placed on pre-election assumptions of a Democratic sweep which they thought would usher in higher taxes and more regulation.
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