Big Tech surges as reports impress in coronavirus downturn

Shares of Apple , Amazon and Facebook surged in extended trading on Thursday, with Alphabet also climbing, as quarterly reports from the Big Tech quartet added fuel to Wall Street's four-month rally.

Deemed"stay-at-home" winners as millions of Americans were ordered indoors to contain the COVID-19 pandemic, shares of the largest U.S. technology companies have hit record highs in recent months at a time when the benchmark S&P 500 is up less than 1per cent on the year and the coronavirus pandemic has thrown the economy into its steepest contraction since the Great Depression.

Also hit by the recession, Google-parent Alphabet's quarterly sales fell for the first time in its 16 years as a public company, but the decline was less than expected as many advertisers stuck with the most popular online search engine during the pandemic.

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