A Day After Congress Grilling, Big Tech Stocks Add $250 Billion in Market Cap
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A day after their leaders faced five hours of interrogation in Congress over allegations their power and influence is out of control, four of the biggest American tech companies saw their combined market value swell by $250 billion thanks to earnings that shocked even Wall Street.
Shares of Amazon.com Inc., Facebook Inc., Apple Inc. and Alphabet Inc. built on already-torrid rallies after each reported earnings or revenue that crushed analyst estimates. Combined, the companies put up sales of $200 billion in the three months ended in June, with Amazon reporting a record quarter.