It is hard to get rich even when the US market hits record highs

Tan Ooi Boon  Invest Editor

The news seems unreal to even the most experienced investors.

Even as many countries suffer huge economic damage as they grapple with the outbreak of Covid-19 cases, the stock market in the United States, the country with the highest number of cases and deaths, has rallied to record highs.

A key reason for this phenomenon is the meteoric performance of technology companies.

While the pandemic is bad news for most businesses, those that provide services related to online transactions and entertainment thrive even more when people are forced to stay at and work from home.

Indeed, a substantial amount of the firepower that is boosting the stock market rally in the US comes from the so-called “Faang” stocks – Facebook, Amazon, Apple, Netflix and Google – the five