Jobless Jump, Tesla Hits $2,000

The major economic news of the day was not good: Initial jobless claims for the week ended Aug. 15 clocked in at 1.1 million, higher than the 990,000 analysts expected and a meaningful spike from the 971,000 newly jobless the week before.

Wall Street didn’t seem to mind.

All three major indices rose on Thursday, as a seemingly unstoppable rally off of March lows continued. Once again, Big Tech led the way and the Nasdaq advanced 1.1% on the day, marking a new closing record. The Dow Jones Industrial Average added 46 points, or 0.2%, to finish at 27,739.

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Tesla hits $2,000. Shares of electric vehicle leader Tesla (ticker: TSLA), one of Wall Street’s hottest names in 2020, kept up its hot streak on Thursday, tacking on 6.6% and closing above $2,000 for the first time. It’ll likely be the last time such a high landmark is reached for TSLA, which will undergo a 5-for-1 stock split at the end of the month.

Although there was little in the way of specific news moving Tesla, the stock has momentum behind it and some investors may be wagering on its eventual inclusion in the S&P 500, which it just became eligible for in July.

Uber, Lyft get a W. Ride-sharing giants Uber ( UBER) and Lyft ( LYFT) both jumped on Thursday, advancing 6.8% and 5.8%, respectively, on what was a good day in the courts for the rivals. An appeals court in California gave the companies until Aug. 25 to start classifying gig drivers as employees — something the companies have said would force them to stop operating in the state.

It’s not a major change from the Thursday deadline, but it gives the companies more time to engineer a more ideal solution — and press the leverage they have with the people in a difficult economy.

Movies, anyone? Major theater chains including AMC ( AMC) and Cinemark ( CNK) have begun reopening after a five-month hiatus. Along with the cruise industry, movie theaters have been one of the hardest-hit areas in the markets as the pandemic has forced many businesses to close and consumer psychology prevents additional hurdles.

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