NEW YORK – Wall Street stocks had a mixed session yesterday following disappointing employment data, while Airbnb rocketed higher in its market debut.
New applications for unemployment benefits in the United States surged last week by 137,000 to 853,000, according to government data, far higher than economists had been expecting and a sign the latest spike in coronavirus cases is weighing on activity.
The Dow Jones Industrial Average fell 0.2% to 29,999.26.
The broad-based S&P 500 slipped 0.1% to 3,688.10, while the tech-rich Nasdaq Composite Index gained 0.5% to 12,405.81.
The weak jobs data comes as negotiations on another US relief package continue.
Democratic House Speaker Nancy Pelosi said lawmakers may stay in Washington through the Christmas holiday to pass a new spending bill.
While Congress has yet to move, the European Central Bank announced new stimulus measures to help the Eurozone weather a second wave of the coronavirus, underscoring anew the robust response of central banks.
Even with yesterday’s indecisive session, major indices remain near record levels, propelled by optimism over coronavirus vaccines and ample liquidity following Federal Reserve interest rate cuts.
In a sparkling debut, home-sharing platform Airbnb more than doubled its IPO price to finish at US$144.71 (RM587.67). The company raised US$3.4 billion in the stock offering amid a feverish rush for new shares in companies adapting to lifestyle changes imposed by the coronavirus pandemic.
General Electric shed 0.6% after US securities regulators fined the company US$200 million for misleading investors about results in its power and insurance businesses.
Starbucks jumped 5.0% as it reaffirmed its 2021 earnings targets and offered better-than-expected projections for the 2022-2024 timeframe. – AFP, December 11, 2020
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