US tech giants shed weight with $ 5 billion valuation | Business

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The Big Four US internet giants saw their combined market value exceed $ 5 trillion for the first time yesterday after mostly making “explosive” profits for the last quarter.

Results from Apple, Amazon, Facebook and the owner of Google Alphabet on Thursday night underscored their enormous earning power in the face of collapsing economic output.

Amazon shares closed up 4%, Apple gained 10%, and Facebook rose 8%. Alphabet fell 3% after quarterly sales fell for the first time in 16 years as a public company.

Soaring Amazon, Facebook and Amazon stock prices have propelled the Nasdaq to near record highs and put the S&P 500 on track for

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