So much for fears of Donald Trump's presidency hurting tech stocks.
While the Dow continues its flirtation with 20,000 the Nasdaq keeps hitting new record highs. And it's being led by four prominent tech companies that collectively are known by the acronym of FANG - Facebook. Amazon. Netflix. Google.
Facebook is the hottest of these four stocks. Shares of the social network are already up nearly 12% in just the first two weeks of the year. Amazon and Netflix are each up more than 8%. Google's shares have gained 5%.
What makes Facebook's performance even more astonishing is that it has come despite criticism about fake news proliferating on Facebook, concerns about some of its metrics being wrong and speculation that CEO Mark Zuckerberg may seek public office.
But investors are looking past that and focusing on the fact that Facebook is expected to keep posting impressive levels of growth.
Analysts are predicting that Facebook will report a year-over-year revenue increase of 45% for the fourth quarter and 65% surge in earnings per share. Facebook will report its results on February 1.
Wall Street is bullish about the earnings prospects for the other FANG stocks too. Netflix, which will kick off tech earnings season when it reports its results Wednesday, is expected to post sales and earnings increases of more than 30% from a year ago.
Analysts are forecasting a 25% jump in sales for Amazon and more than 35% increase in profits. And Google is expected to report earnings growth of 11% and a revenue increase of nearly 20%.
It seems that these strong fundamentals are trumping Trump fears. Tech investors were worried in the immediate aftermath of Trump's win over Hillary Clinton for several reasons.
Concerns about a crackdown on immigration, most notably on H1-B visas that allow many foreign workers to come to Silicon Valley, hurt the stocks of big tech companies.
Trump's protectionist rhetoric wasn't helping either since most large tech companies do big business overseas. But sentiment has shifted in the past few weeks. Investors are focusing more on some of the potential positives of a Trump administration.
The meeting that Trump held with leaders of several big tech companies in New York last month seemed to help allay some of the concerns investors had about Trump.
Investors also seem to recognize that corporate tax reform, particularly changes that could allow companies to bring back cash being held overseas at lower rates, could be good for the tech sector.