Joshua Roberts | Reuters
Jeff Bezos, president and CEO of Amazon and owner of The Washington Post, speaks at the Economic Club of Washington DC’s “Milestone Celebration Dinner” in Washington, U.S., September 13, 2018.
All five FAANG companies — Facebook, Amazon, Apple, Netflix and Google parent company Alphabet — snapped their losing streak Wednesday after closing multiple trading days in the negative. All five stocks finished the day up at least 6 percent as the Dow gained over 1,000 points, its highest point gain ever.
The rally came as the market overall recovered from its worst Christmas Eve sell-off ever. The tech-heavy Nasdaq Composite Index rose sharply, closing at 5.8 percent. Amazon, Apple, Netflix and Alphabet each had four straight trading days in the negative, while Facebook saw two straight days in the negative prior to the rally.
Amazon finished the highest of the group, up 9.4 percent after announcing a record-breaking holiday season by number of items sold as it tries to beat its own weak outlook for the quarter. The company did not disclose revenue for the sales, so investors will have to wait for Amazon’s next earnings report to get the full picture of the shopping season. Amazon plunged 10 percent after its last earnings report when it projected operating income of $2.1 billion to $3.6 billion, below analyst estimates of $3.9 billion.
Apple finished the day up 7 percent after a report from Consumer Intelligence Research Partners found it successfully drew in a greater number of Android users with its latest iPhone release, compared to previous years.