How Tech Options Started Juicing the Stock Market

The precipitous rise of U.S. technology stocks in 2020 left even seasoned veterans on Wall Street struggling for explanations. Sure, many of the companies were among the select few that had prospered during the pandemic, as online shopping and working from home proliferated. But the stock gains were so stratospheric — Apple Inc. shares doubled in five months — that some market watchers began to speculate that a traditional hedging trade might be fanning the flames. Options trading — so the th