Stock Market News: Elon Musk Keeps Fighting; Ad Fears Sink 2 Top Stocks
Wall Street was in a positive mood on Friday morning, even in the face of unprecedented bad news on the employment front. The U.S. economy lost more than 20 million jobs in April, with the labor force shrinking to its lowest level since 2011 and unemployment soaring more than 10 percentage points to 14.7%.
Market participants apparently took the news as a sign that the federal government would have to step in with more financial assistance to ailing Americans and to stimulate the U.S. economy. Just after 11 a.m. EDT today, the Dow Jones Industrial Average (DJINDICES: ^DJI) was up 312 points to 24,188. The S&P 500 (SNPINDEX: ^GSPC) gained 31 points to 2,912, and the Nasdaq Composite (NASDAQINDEX: ^IXIC) picked up 89 points to 9,068.
The coronavirus pandemic has had massive impacts on businesses across the globe, and one huge opponent of lockdown measures has been Elon Musk, CEO of Tesla (NASDAQ: TSLA). Yet while the electric automaker's stock was on the rise Friday, you couldn't say the same about two companies that rely a lot on advertising for their revenue, as Roku (NASDAQ: ROKU) and The Trade Desk (NASDAQ: TTD) both lost ground after their earnings reports.
Source Fool.com
