US luxury spending was 47% higher in 2021 than in pre-Covid 2019, while jewelry spending was 40% higher, according to Bank of America data. General stock market chaos isn’t a headwind either, they say.
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Stocks are down – again. It’s a volatile stock market, and investors saw a sell off again Monday, awaiting latest inflation data from the U.S. government.
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Google’s corporate parent on Tuesday posted its slowest quarterly revenue growth since 2020, the latest sign that the huge gains enjoyed by technology companies during the pandemic are fading into the rear-view mirror. Microsoft also reported slowing growth.
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The biggest US tech companies have led a spectacular rebound in the stock market, but their recent earnings indicate tech isn’t a surefire bet. And earnings coming this week are on the mindsof many Wall Street investors.
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If it isn’t already obvious just how the pandemic has fundamentally upended the status quo, just take a look at where investors are parking their money: Suddenly, tech stocks are a safety play.
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Amazon CEO Jeff Bezos, already the world’s richest man, has even more to celebrate. Amazon shares topped the $3,000 mark for the first time ever Monday as tech stocks continued to soar.
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Wall Street liked what it saw and heard from Apple at the company’s Worldwide Developers Conference Monday. And its shares keep climbing.
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The exclusive $1 trillion club on Wall Street just got a new member. Shares of Google parent company Alphabet hit a new all-time high Thursday, pushing the company’s market value to $1 trillion in the process.
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Is the market’s love affair with Big Tech finally coming to an end? That might be a stretch. But there’s a growing chorus on Wall Street for investors to look beyond the FANG momentum plays and more toward value stocks.
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