Shares of Adobe Inc (NASDAQ: ADBE) were climbing today as cases of the coronavirus continued to sweep across the U.S. Investors have looked to some technology stocks as a haven of sorts as more employees are working from home than ever before.
Adobe's stock gained as much as 5% during the day. As of 3:13 p.m. EDT, the stock was up 4.97%.
Adobe's stock wasn't moving on any company-specific news today, but investors were likely pushing up the company's share price as COVID-19 cases rose across the U.S. with no end in sight. The pandemic isn't a good thing, of course, but some investors are seeing the rising cases and putting their money into stocks that they think will be able to help companies ride out the virus.
Adobe's popular Creative Cloud apps could see more usage as companies look for tools to help their employees do their jobs from home.
Adobe's share price is up nearly 30% over the past six months, compared to the S&P 500's 2.5% loss.
While Adobe's share price gains have been impressive over the past few months, investors should remember that the market isn't exactly reflecting the current economic situation in the U.S. The unemployment rate is currently at 11%, and many experts are now expecting a slower recovery than they had initially thought. That doesn't mean investors shouldn't be buying stocks right now but rather that share price moves are likely to be more volatile than usual.
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