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Tech shares set fresh records despite uncertain economy

Despite record-setting COVID-19 infections , American equities rose today. All major indices gained ground during regular trading, while tech stocks did even better.

The Nasdaq Composite set new 52-week and all-time highs, touching 10,462.0 points before closing at 10,433.65, up 2.21% on the day. Similarly, a basket of SaaS and cloud companies that has risen and fallen more sharply than even the tech-heavy Nasdaq closed this afternoon at 1,908.30 after touching 1,952.39 points. Both results were 52-week and all-time highs.

Such is the mood on Wall Street regarding the health of technology companies. It’s not hard to find bullish sentiment, jockeying to push tech shares higher. Some examples of today’s enthusiasm paint the picture: The recent IPO Lemonade is now worth $4.7 billion, according to Yahoo Finance . That price gives it a Q1-annualized revenue run rate multiple of around 45x. For a SaaS company, that would boggle the mind. As we’ve written , however, Lemonade has very un-SaaS-like gross margins, and has higher churn. The company’s stock rose around 17% today for no clear reason.

Tesla rose over 13% today to $1,371.58 per share, another huge day of gains for the company now worth in excess of $250 billion. Analysts […]

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