Twitter's $250 Million FTC Complaint | Apple & Nasdaq 100 hit record highs – Daily Financial News Summary For August 3, 2020
Monday kicked off the week on a high note. The Dow Jones was up 0.89%, the Nasdaq grew 1.47%, and the S&P 500 climbed 0.72%. Meanwhile Gold hit the $1,986.30 per ounce mark. The Stoxx Europe 600 Index gained 2.1%. The Nasdaq 100 reached its record high.
Looking back at July’s market performance, the major averages completed their fourth consecutive monthly gain in July, with the S&P 500 growing 5.5% and the Nasdaq gaining over 6%. The Dow gained 2.4% last month.
U.S Households Staring At Harsh Times As $600 Unemployment Benefit Expires
The effects of a Republican-Democrat stalemate on Capitol Hill will be felt far and wide following the expiry of the $600 unemployment benefits program. The two sides failed to reach an agreement that would have seen the program extended and to continue supporting people hard hit by the COVID-19 pandemic.
Unemployment benefits have since fallen by as much as 65% following the $600 a week boosts expiring last week. With the loss of benefits, more than 30 million Americans that have become jobless from the pandemic are expected to see a severe drop in weekly aid, with some experiencing a 90% drop.
Microsoft Tik Tok Acquisition Could Strain Facebook Relationship
A confirmation that Microsoft intends to buy the Chinese app comes just days after President Donald Trump confirmed plans to ban the app over national security concerns. In recent weeks, there have been concerns that Chinese authorities are using the app to gain access to U.S user’s information, something that the U.S considers a matter of national security.