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MAGA Stocks Soar as Trump Fights for White House

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Four companies with President Trump’s favorite acronym (Microsoft, Apple, Google, Amazon) are “leading the stock market’s charge to record highs.” According to Fox Business, these companies are responsible for about 17 percent of the S&P 500 and almost 70 percent of the index’s gain in 2020.

“The reason that I think these stocks are so strong is that they are perceived to be the transformative companies that we have right now, that they are more than just good businesses,” Jim Bianco, president and macro strategist at Bianco Research and the first person to notice the MAGA acronym, told Fox Business. “They are businesses that are going to devour whole industries.”

However, there are still potential challenges ahead for the stocks and the tech industry as a whole. This poses a predicament for President Trump who seeks to be reelected. “He has criticized some of the tech giants but touted stock market gains as proof his economic policies are working,” said Fox Business.

The Federal Trade Commission ordered the four tech companies and Facebook to hand over information related to their acquisitions of smaller companies from 2010 through 2019. Meanwhile, Bianco highlighted Amazon’s disruption of the retail industry and Google’s of the newspaper business as examples of “creative destruction” in the American economy.

“You’ve got these transformational companies that are roaring ahead,” Bianco said. “And as an investor, they’re supporting your whole portfolio.”

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