Dow, Nasdaq Stage Late Rally on Big Tech Profit

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TheDow Jones Industrial Average rose 114 points, or 0.44%, to close at 26,428. The NASDAQ Composite rose 157 points, or 1.49%, to close at 10,745, while the S&P 500 rose 0.77%.

Apple (NASDAQ:AAPL) jumped more than 10% to reach a new record high of $425.04, while Amazon (NASDAQ:AMZN) rose nearly 4% and Facebook (NASDAQ:FB) rose 8.2%. All three reported better than expected results after the closing bell on Thursday.

The late rally overcame investor anxiety about the economic recovery, as rising coronavirus cases and new hotspots threatened to derail business reopening efforts. Frustrating many, lawmakers on Capitol Hill were still at an impasse on a fourth round of economic stimulus, including the fate of a $600 weekly pandemic unemployment program that expires Friday.