Stocks climbed Thursday, with the three major U.S. market indices posting record highs.
Markets were buoyed as Congress tiptoes closer to passing a $900 billion coronavirus stimulus package, and the Food and Drug Administration considers an emergency authorization for the Moderna (ticker: MRNA) vaccine candidate. MRNA stock finished up 5% on the day.
But while stocks fly high, the news on the ground is bleaker. The number of workers seeking unemployment benefits increased for the second consecutive week, with seasonally adjusted initial claims reaching 885,000, according to a Thursday report from the Labor Department. The increase of 23,000 from the previous week comes against a backdrop of rising coronavirus cases and ongoing statewide business restrictions.
The Dow Jones Industrial Average added 148 points, or nearly 0.5%, to finish at 30,303.
38states sue Google. Dozens of states filed an antitrust lawsuit against Google ( GOOGL, GOOG) Thursday. It's the third antitrust suit the tech giant has faced in recent months and alleges that Google manipulates search results to give its products and services a rankings boost over rivals. GOOG fell nearly 0.9% on the day.
Coca-Cola to slash 2,200 jobs. The Coca-Cola Co. ( KO) says it's cutting approximately 2,200 jobs, including 1,200 in the U.S. as part of a restructuring effort hastened by the coronavirus pandemic. The iconic beverage company's layoffs make up about 12% of its domestic workforce. KO was up 0.4% at the close of trading.
Bitcoin tops $23,000. The buzz-worthy cryptocurrency hit a record high Thursday, topping $23,500. Its price has benefited from increased popularity among larger investors and its reputation as a hedge against inflation risk.