The Dow surged 669 points on Monday after trade tensions eased.
Tech stocks like Amazon and Apple saw gains, but the biggest winner of all was Microsoft .
The Seattle tech giant, which is a Dow 30 company, benefitted not only from the solid stock market day, but also because a Morgan Stanley analyst had kind things to say about it.
Keith Weiss wrote in a note to clients that he’s raising his 12-month price target to $130, an almost 50% increase from the $90 shares traded at last week. This would give the company a market cap of $1 trillion.
He’s particularly bullish on Microsoft’s cloud business. He believes that it will continue to do well, despite competition from Amazon and Google.
The race to $1 trillion has been talked about for several years. Apple is currently in the lead with a market cap of $877 billion. Amazon is at $753 billion. And After Monday’s strong day of trading, Microsoft is nearing it at $722 billion.
In general, stocks have done very well in recent years, with the Dow up nearly 10,000 points from where it was five years ago.