Your Thursday Blip 8/6/20

Your Thursday Blip 8/6/20

Big tech continues to drive stocks higher as investors get ready for tomorrow’s jobs report, and await another stimulus package from Congress. The NASDAQ closed at another record high, finishing over 11,100, which is more than 20% higher than the start of the year. The Dow continues to creep back to its start of the year number, but is still about 5% off. Apple and Disney continued to help to add to those gains as the Dow closed up 185 points, at 27,386.
Facebook shares were up another 6% today as they announced the release of Reels, in the U.S. Reels is similar to Tik Tok, and expects to compete against the Chinese company from that standpoint. Facebook made a similar move a couple years back when they created Instagram stories to compete with Snapchat. Even amid the recent bad press, and the threat of reduced advertising because of COVID-19, Facebook has still persevered and shares are up over 25% for the year.
Quicken Loans, or rather their parent corporation, Rocket Companies, made their debut on the New York Stock Exchange, today. It must have been déjà vu all over again for founder, Dan Gilbert, who is also the owner of the NBA’s Cleveland Cavaliers. Similar to when they drafted (and then eventually resigned) Lebron James, his business instantly became 20% more valuable in one day. Rocket Companies did just that and took off like a rocket, as shares went from $17.80 to $22.68 in just a couple hours.

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