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By Alex
Eule | Tuesday, October 20 Go
Figure. Major indexes were back
in positive territory after a few shaky days. All it took
for the Nasdaq Composite to break its five-day losing streak was
an antitrust lawsuit from the U.S.
Justice Department against one of the country's most important
tech companies --and a suggestion from the deputy attorney general that there
was more to come. Meanwhile, a Tuesday stimulus deadline from House
Speaker Nancy Pelosi arrived with no clear signs of
an agreement. In its
lawsuit filed today, the U.S. government argued that Google is a "monopoly gatekeeper for the
internet...Absent a court order, Google will continue executing its
anticompetitive strategy, crippling the competitive process, reducing
consumer choice, and stifling innovation." Harsh words.
Shares of Google-parent Alphabet finished the day up 1.4%. Deputy
Attorney General Jeffrey
Rosen said,
"We plan to continue our review of competitive practices by
market-leading online platforms, and where necessary address those as
well." No
matter. Google's big-tech peers still had a banner day. Facebook, the next
most obvious government target, was up 2.4%. Apple gained 1.3%, while Amazon.com rose 0.3%. I could try
to justify the market's response: The stimulus hasn't been declared
dead yet, which means there's a chance. And the government's Google suit had
been long telegraphed to investors, so its arrival -- without a smoking gun,
it would seem -- actually sparked a relief rally. My colleague Max
Cherney has more here
on the Google lawsuit. But
ultimately, markets just do strange things, especially in the year
2020. Today was one more example. |
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DJIA: +0.40% to 28,308.79 The Hot
Stock: General Motors +6.8% Best Sector:
Energy +1.2% |
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