The markets barely moved Thursday, even as weekly unemployment claims fell below 2 million for the first time since mid-March. The trend suggests that the worst of the job losses could be behind us. The market's true test, however, comes Friday with the May jobs report. Economists expect the unemployment rate to hit 19.8%, a level not seen since before World War II. With perhaps a hint of trepidation, the Dow closed Thursday up 0.1% at 26,281.
The backward-looking economic data is ugly, but the market's focus on silver linings that suggest the worst of the downturn is over is fueling a remarkable run for stocks. The Nasdaq 100, an index of the largest non-financial companies in the Nasdaq Composite index, tied an all-time intraday high Thursday. Whether it's under-the-radar technology stocks or big-time ecommerce plays, it's clear that the tech sector has led the way in 2020. Even the blue-chip Dow's recent surge has been driven in part by its tech-stock constituents. Of course, not all tech stocks are created equal. Have a look at what the pros have to say about the Nasdaq's best tech bets.
Dan Burrows is a financial writer at Kiplinger, having joined the august publication full time in 2016.
A long-time financial journalist, Dan is a veteran of SmartMoney, MarketWatch, CBS MoneyWatch, InvestorPlace and DailyFinance. He has written for The Wall Street Journal, Bloomberg, Consumer Reports, Senior Executive and Boston magazine, and his stories have appeared in the New York Daily News, the San Jose Mercury News and Investor's Business Daily, among other publications. As a senior writer at AOL's DailyFinance, Dan reported market news from the floor of the New York Stock Exchange and hosted a weekly video segment on equities.
Once upon a time – before his days as a financial reporter and assistant financial editor at legendary fashion trade paper Women's Wear Daily – Dan worked for Spy magazine, scribbled away at Time Inc. and contributed to Maxim magazine back when lad mags were a thing. He's also written for Esquire magazine's Dubious Achievements Awards.
In his current role at Kiplinger, Dan writes about equities, fixed income, currencies, commodities, funds, macroeconomics and more.
Dan holds a bachelor's degree from Oberlin College and a master's degree from Columbia University.
Disclosure: Dan does not trade stocks or other securities. Rather, he dollar-cost averages into cheap funds and index funds and holds them forever in tax-advantaged accounts.
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