Stock Market Today: Apple, Amazon Spearhead a Wild Tech Rally
Sharp gains in Apple (AAPL) and Amazon (AMZN) on Columbus Day helped push the major indices closer to all-time highs.


Investors continued to hold out hope for an additional federal stimulus package Monday even after the weekend saw both parties rip the White House's $1.8 trillion counteroffer, with Senate Republicans calling the amount too much and Democrats decrying it as too little. But stocks nonetheless headed higher on the back of a massive push from a few tech stocks.
Helping the tech-heavy Nasdaq Composite advance 2.6%, to 11,876, was a 6.4% gain in Apple (AAPL), which will unveil its new iPhones on Tuesday.
Wedbush analyst Dan Ives, who rates the stock at Outperform, makes a compelling bull case.

Sign up for Kiplinger’s Free E-Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
"In what we would characterize as Apple's most important product cycle since the iPhone 6 in 2014, this week Cupertino officially unveils its iPhone 12 product lineup virtually on Tuesday kicking off its iPhone 5G supercycle." says Ives, who calls Apple his favorite 5G stock. "In particular we are seeing Apple and its Asian suppliers anticipate stepped-up demand for the larger 6.7-inch model which is raising the overall iPhone 12 expectations heading into this 'once in a decade' potential launch."
Dow component Microsoft (MSFT, +2.6%), which reported it foiled a plan to hack America's election infrastructure, also helped lift the broader indices.
Other action in the stock market today:
- The Dow Jones Industrial Average closed up 0.9% to 28,837.
- The S&P 500 gained 1.6% to 3,534.
- The Russell 2000 improved by 0.7% to 1,648.
All Eyes on Amazon
Also making hay was Amazon.com (AMZN, +4.8%), which roared ahead of its two-day Amazon Prime Day event that begins Tuesday.
While e-commerce stocks in general remain a potent source of potential growth, no company has the clout of Amazon, which has created its own shopping holiday out of thin air.
Consumers can learn everything they need to know about this year's Prime Day event here, but, from an investing standpoint, just know that analysts see 2020's Prime Day as pivotal, for multiple reasons.
"This year's event likely takes on its greatest significance yet, as the lockdown spurs further acceleration in e-commerce growth amid the underlying secular shifts," writes CFRA's Tuna Amobi (Buy), who adds that this year's edition "could eclipse the ensuing Black Friday and Cyber Monday Sales combined."
Also, note the timing: Prime Day, which usually occurs during summer, was pushed back several months because of the COVID-19 pandemic. It's now much closer to the traditional holiday shopping season – a period many retail experts already expected would expand even earlier this year to maximize sales.
That's a potential threat to several other retail stocks, some of whom are taking the fight to Amazon with their own competing events. Read on as we look at some well-known retail stocks that investors should watch carefully, especially over the next few days, as Amazon continues to try to swallow the industry whole.
Kyle Woodley was long AAPL, AMZN and MSFT as of this writing.
Profit and prosper with the best of Kiplinger's advice on investing, taxes, retirement, personal finance and much more. Delivered daily. Enter your email in the box and click Sign Me Up.
Kyle Woodley is the Editor-in-Chief of WealthUp, a site dedicated to improving the personal finances and financial literacy of people of all ages. He also writes the weekly The Weekend Tea newsletter, which covers both news and analysis about spending, saving, investing, the economy and more.
Kyle was previously the Senior Investing Editor for Kiplinger.com, and the Managing Editor for InvestorPlace.com before that. His work has appeared in several outlets, including Yahoo! Finance, MSN Money, Barchart, The Globe & Mail and the Nasdaq. He also has appeared as a guest on Fox Business Network and Money Radio, among other shows and podcasts, and he has been quoted in several outlets, including MarketWatch, Vice and Univision. He is a proud graduate of The Ohio State University, where he earned a BA in journalism.
You can check out his thoughts on the markets (and more) at @KyleWoodley.
-
Aging: The Overlooked Risk Factor
Sponsored Elder care is a personal and financial vulnerability many people fail to plan for.
-
AI vs the Stock Market: How Did Alphabet, Nike and Industrial Stocks Perform in June?
AI is a new tool to help investors analyze data, but can it beat the stock market? Here's how a chatbot's stock picks fared in June.
-
AI vs the Stock Market: How Did Alphabet, Nike and Industrial Stocks Perform in June?
AI is a new tool to help investors analyze data, but can it beat the stock market? Here's how a chatbot's stock picks fared in June.
-
Stock Market Today: A Historic Quarter Closes on High Notes
"All's well that ends well" is one way to describe the second quarter of 2025, at least from a pure price-action perspective.
-
Stock Market Today: S&P 500, Nasdaq Near New Highs
The S&P 500 hasn't hit a new high since February. It's been since December for the Nasdaq.
-
Stock Market Today: Stocks Struggle to Sustain Gains
Mixed messages from multiple sources continue to make for a messy market for investors, traders and speculators.
-
We Are Peter Lynch: How to Invest in What You Know
Take a look around, go to a free stock market data website, and get to work.
-
Stock Market Today: Stocks Stable as Inflation, Tariff Fears Ebb
Constructive trade war talks and improving consumer expectations are a healthy combination for financial markets.
-
AI vs the Stock Market: How Did Tech Stocks, Palantir and Albemarle Perform in May?
AI is a new tool to help investors analyze data, but can it beat the stock market? Here's how a chatbot's stock picks fared in May.
-
Stock Market Today: "Good Trump" Gives Dow 740-Point Boost
Friday's headwind was Tuesday's tailwind, as President Trump's social media posts continue to drag and drive financial markets.