For those looking for any good news in the market, don’t rely on the lead ABC, CBS, or NBC evening newscasts to cover it consistently for you, especially when it really matters.
The Nasdaq Composite, which is dominated by big technology companies like Apple, Amazon Microsoft and Facebook, “briefly topped the 10000 milestone for the first time Tuesday,” The Wall Street Journal reported June 9. The Journal said that this was the “latest sign of the resilience of the big technology companies that have powered the stock market over the past decade.” ABC's World News Tonight, the CBS Evening News, and NBC Nightly News with Lester Holt ignored this milestone.
ABC's World News Tonight and NBC Nightly News did find the time to insist that “states reopening their economies were to blame” for recent COVID-19 case spikes, “not the [George Floyd] protests attracting thousands upon thousands of people.”
Meanwhile, The Journal reported that the Nasdaq “closed at 9953.75 pulling back after crossing the 10,000 mark in afternoon trading but still securing its second consecutive closing record.” [Emphasis added.] And yet, “The Nasdaq’s swift rebound underscores investors’ faith in the megacap tech stocks,” The Journal said.
Northwestern Mutual Wealth Management Co. Chief Investment Strategist Brent Schutte said in a statement obtained by The Journal:
'The Nasdaq Composite and most of its components have been somewhat virus resistant ... They’re stocks that don’t need people to be going to stores and going to offices to actually make earnings.'
Such dynamic news in the markets would seem to be worth reporting on, especially in an economic environment inundated with bad news. But if the news doesn’t fit the liberal media narrative, crickets.
MRC News Analyst Nicholas Fondacaro contributed to this report.