Stocks rose for a second session on Thursday as fears surrounding a looming crisis in China's property market somewhat eased and as the Federal Reserve decided to keep its current pandemic-era monetary stimulus efforts in place for now. The Dow Jones Industrial Average climbed over 500 points by market close, while both the S&P 500 and Nasdaq jumped over 1%.
Here's how the market settled on Thursday:
S&P 500 Index
Dow Jones Industrial Average
Nasdaq Composite Index
Twitter allows users to give tips to creators using Bitcoin:
Twitter
The company had first tested the tipping feature back in May as a way to help creators earn payments for their content from their followers. Users can tip creators with Bitcoin using payment services like Square's
Twitter said that its new Tips feature will initially launch to all Apple
Global chip shortage to cost carmakers $210 billion this year:
The global semiconductor chip shortage is now expected to cost the global automotive industry $210 billion in revenue this year, according to a new report from consulting firm AlixPartners.
The latest forecast is nearly double the firm's previous projections of $110 billion in May, and over three times more than the initial forecast of $60.6 billion made in January.
"Of course, everyone had hoped that the chip crisis would have abated more by now, but unfortunate events such as the COVID-19 lockdowns in Malaysia and continued problems elsewhere have exacerbated things," said Mark Wakefield, global co-leader of the automotive and industrial practice at AlixPartners, in a statement.
AlixPartners is now forecasting that 7.7 million units of production will be lost in 2021, up from 3.9 million in its May forecast.
Jobless claims continue to rise from pandemic-era low:
Initial jobless claims posted a surprise rise last week, climbing further from the pandemic-era low reached earlier this month.
New weekly unemployment claims totaled 351,000 for the week ended Sept. 18, according to the Labor Department's latest report, which was well above the 320,000 consensus economists had expected and above the 335,000 total posted the week before.
Continuous jobless claims also rose for the week of Sept. 11, totaling 2,845,000, which was an increase of 131,000 from the previous week's revised level.
Here's how benchmarks started trading soon after open:
S&P 500 Index: +0.73% or +31.97 points to 4,427.61
Dow Jones Industrial Average: +1.10% or +376.59 points to 34,634.91
Nasdaq Composite Index: +0.55% or +81.91 points to 14,978.75
