Stock Market News: Why Tesla and Facebook Are Soaring
Thursday morning brought an end to a streak of rising stock market days, as investors seemed perturbed by continued economic impacts from the coronavirus pandemic. First-time claims for unemployment benefits came in at 3.8 million for the most recent week, bringing the total number of claims in just six weeks to about 30 million. The flood of people seeking benefits is so large that states are struggling to handle them, especially with the agencies responsible for handling claims facing their own workforce reductions. As of 10:30 a.m. EDT today, the Dow Jones Industrial Average (DJINDICES: ^DJI) was down 155 points to 24,479, while the S&P 500 (SNPINDEX: ^GSPC) lost 13 points to 2,927.
However, the Nasdaq Composite (NASDAQINDEX: ^IXIC) managed to claw back from its early losses to inch higher by 5 points to 8,920. Helping to lead the charge for that index were Tesla (NASDAQ: TSLA) and Facebook (NASDAQ: FB), each of which gave their latest results and shed some light on the factors affecting various parts of the U.S. economy.
Tesla saw its stock jump 6% after releasing its first-quarter financial results late Wednesday. The electric vehicle maker delighted shareholders by posting an unexpected profit, and the company seems confident in its ability to overcome the challenges that the pandemic has brought on.
Source Fool.com
