Weekly jobless claims rose unexpectedly; stock futures pointed to a lower open; and Spotify, "Fortnite," and Tinder are joining a coalition against Apple's App Store. Here's how the headlines could affect your money.
The Department of Labor released its jobless report Thursday and it showed that 870,000 Americans filed first-time unemployment claims the week ending September 19. Economists had predicted 850,000 claims, down from the 860,000 reported for the previous week.
The U.S. lost 22.2 million jobs as a result of the virus and has so far recovered about half.
The Dow Jones Industrial Average rose 304 points, or 1.1%, on Thursday, after it dropped by 226 points for its session low on Wednesday. The S&P 500 and Nasdaq Composite both traded higher by about 1%.
The upticks come as U.S. stocks toggle between gains and losses related to the recent jobless data. Evercore ISI strategist Dennis DeBusschere said in a note recently that unemployment claims are arguably "the most important high-frequency data point currently."
Futures had pointed to a lower open Thursday morning, but markets were buoyed by a good performance from tech stocks.
Video by Courtney Stith
Spotify Technology, "Fortnite" maker Epic Games, and Match Group, the parent company of Tinder, have joined a nonprofit called The Coalition for App Fairness, which will advocate legal action against Apple's App Store.
The App Store enforces strict rules and charges between 15% to 30% in commission for apps that use its in-app payment system. These practices have been criticized by some developers. The coalition could seek to reduce the cost developers pay to have their apps featured in the store. That could end up being good for consumers, who might be charged less for paid apps.
Antitrust laws aim to regulate the concentration of power and promote competition within a particular sector like technology. Recently, the heads of Apple, Amazon, Facebook, and Google parent Alphabet testified in front of the House Judiciary Subcommittee on Antitrust regarding accusations their companies hold an unfair monopoly on power.
Although the daily news can have an impact on your wallet, remember to take a long-term outlook when it comes to decisions on spending, saving, and investing.
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