Stock market boom Blacks and other minorities are absent from the feast

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Compilation, editing: Jiangnan

Source: Bloomberg, PIX11

Na index 100 up 4% on big tech surge

U.S. stocks rose, with the Nasdaq 100 up 4 percent, helped by gains in the shares of some of the world's largest technology companies.

The S. and P. 500 rose to a six-week high, with high-tech indicators expected to post their biggest gains since April, with Amazon.com Inc. and Apple Inc. both soaring on key upcoming events. Amazon will begin its membership day promotion on Tuesday (October 13), while Apple, whose price target has been raised by RBC Capital Markets, will accept 5G as one of its most important features for this year's iPhone. Twitter Inc.'s rise in Deutsche Bank upgrades has also raised its estimates for other companies that earn revenue from digital advertising, such as Facebook Inc. and Alphabet Inc.

The Nasdaq 100 extended its gains from its lowest level this year to nearly 75 percent after falling sharply last month. Investors are once again turning to cash-filled companies that will thrive if the recovery slows. As recently as Monday, the chances of a quick end to the deadlock over a new stimulus package were dashed when House members were told not to expect any action this week, and many Senate Republicans rejected the White House's proposal to reach a deal.

Keith Gangl, portfolio manager at Gradient Investments, says people are returning to the industries that work, which are growth. People are worried about missing out on opportunities, so they're going to go straight to the tech giants and invest.

The stock market soared, while black and other minority ethnic families were absent

Nearly half of U.S. households do not have any stock securities, and a disproportionate majority of them come from black and other minority families.

The chart shows the share of households owning stock securities by ethnicity. Source.：FDuckett/AP

In between, there are many people who are able to invest in stocks, but they are not.

Whether for fear of loss or because they have been growing up ignorant of investment, black households have a much lower percentage of stocks than white households with similar family wealth, the researchers said.

That means they haven't just missed out on record highs in recent monthsreboundand missed out on a threefold increase in the stock market over the past decade.

This will further widen the gap between rich and poor in this country.