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Author: Alan LittleDate: 2020-09-28

Apple (AAPL) and Tesla (TSLA) shares up as tech stocks rally

Apple (AAPL) and Tesla (TSLA) both made share gains on Friday as the tech sector rallied and all three major US indices finished higher.

The final session of the week saw ups and downs, especially during the morning when investors were concerned about the viability of a new US stimulus package and the rising number of coronavirus cases around the world.

Tech stocks advanced steadily from midday onwards though and Apple eventually closed 3.75% higher at $112.28 and Tesla finished 5% up at $407.34.

All three stock indices also jumped, with the Dow Jones climbing 1.34% to 27,173 and the S&P 500 and Nasdaq rising 1.6% and 2.26%, respectively.

While there were gains on Friday, both the Dow Jones and the S&P 500 finished lower for the week, extending their respective streak of losses to a whole month.

Costco Wholesale (COST) also reported before open, coming in with earnings per share of $3.13, revenue of $53.38bn, and its best ever same-store sales growth.

Those figures were above the Wall Street consensus of $2.80 earnings per share and $52.11bn revenue.

Stifel analyst Mark Astrachan recently noted that COST remains a “best in class retailer” and is likely to outperform its peers on the back of “continued reinvestment”.

Astrachan added $15 to a higher $360 price target and stood pat on a buy rating.

Despite the solid report, Costco shares ended the day 1.27% lower at $342.58.

Novavax (NVX) shares went in the other direction (+11%) after the US-based vaccine development company said that trials for a coronavirus candidate had advanced to the latter stages in the UK.

Tesla Stock 28.9.20

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