Even after a daylong hearing which consisted mostly of flaring tempers, pointed accusations, and political showmanship, U.S. tech is still turning a robust profit. This points to the powerful stature of big tech in the American economy and psyche.
For many American experiencing the fallout of the COVID-19 pandemic, big tech’s market gains may feel entirely devoid of reality, where unemployment and financial woes remain largely intact for most Americans.
Explaining the mixed data, Tom Hainlin, a global investment strategist for Ascent Private Capital Management, said “What you’re seeing in the data and in the market reaction is the roll-off of the extra unemployment insurance is a pretty big deal.” Currently, “There’s a lot of expectation for Congress to come through.”
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