SAN FRANCISCO — Spotify’s opening act on Wall Street struck a chord with investors betting the unprofitable company’s trend-setting music streaming service will maintain its early lead over Apple and other powerful challengers. After several hours of anticipation Tuesday morning, Spotify’s shares traded as high as $169 in their stock market debut before falling back slightly. The stock closed at $149.01 — well above its previous high of $132.50 in deals worked out during Spotify’s 12-year history as a privately held company. The stock market’s warm welcome left Spotify with a market value of about $27 billion, according to FactSet. By comparison, internet radio station Pandora Media’s market value stands at $1.2 billion nearly seven years after that company went public. The performance left Spotify’s market value among the 10 highest ever recorded by a technology company following their first day of U.S. trading, according to … [Read more...] about Spotify’s stock market debut strikes a chord with investors
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FILE - In this Nov. 15, 2019, file photo specialist Meric Greenbaum, left, and trader Fred DeMarco work on the floor of the New York Stock Exchange. The U.S. stock market opens at 9:30 a.m. EST on Friday, Dec. 6. less FILE - In this Nov. 15, 2019, file photo specialist Meric Greenbaum, left, and trader Fred DeMarco work on the floor of the New York Stock Exchange. The U.S. stock market opens at 9:30 a.m. EST on Friday, Dec. ... more Photo: Richard Drew, AP Photo: Richard Drew, AP Image 1 of / 1 Caption Close Image 1 of 1 FILE - In this Nov. 15, 2019, file photo specialist Meric Greenbaum, left, and trader Fred DeMarco work on the floor of the New York Stock Exchange. The U.S. stock market opens at 9:30 a.m. EST on Friday, Dec. 6. less FILE - In this Nov. 15, 2019, file photo specialist Meric … [Read more...] about Stocks jump as November jobs growth blows past forecasts
The United States added 266,000 jobs in November as the unemployment rate fell to 3.5%, reflecting a surge of strength in a labor market that has muscled through recession fears that flared over the summer. The data, released by the Bureau of Labor Statistics, handily beat expectations. Analysts had forecast roughly 180,000 new jobs for the month. The 3.5% unemployment rate is back at a 50-year low. The stock market roared higher on the news. White House said the labor market's renewed strength is evidence President Donald Trump's economic agenda is working and tried to dismiss the Democrats' impeachment push as a political sideshow. "I don't see any end to it right now," National Economic Council Director Larry Kudlow said Friday of the labor market run. "What I see is more strength." Markets rejoiced at the report, with the Dow Jones industrial average closing up more than 330 points, or 1.2%, on Friday. The Standard & Poor's 500 index closed up 0.9% and the tech-heavy Nasdaq was … [Read more...] about Labor market picked up steam in November as U.S. economy added 266,000 jobs and jobless rate fell to 3.5%
Despite the turmoil in our nation’s capital around impeachment, the continuing battles over trade with China, and some slight slowing in economic activity, the stock market churns upward. This has investors worried that maybe it’s about to end. So, is it? Well, technically this is the longest bull market in history, now coming up on close to 11 years. A bull market cycle is generally described as a period of rising stock market values without a 20% or more decline. The reason I said “technically” is because the sharp stock market decline in December of last year ended just shy of 20% (19.75%), so we narrowly missed the end of the bull. But consider that If the market had fallen just 0.25% more last year, we’d be saying “we are only 11 months into a new bull market and the last one was almost 10 years long … so buckle up for an exciting ride.” So, whether we are still in the old bull market or in a new one hinges on 0.25%. Sounds kind … [Read more...] about Road to Retirement: The bull market continues?
Conservative radio talk show host Rush Limbaugh said Friday that impeachment efforts by Democrats are driven by "pure, raw, hatred" of President TrumpDonald John TrumpTrumps light 97th annual National Christmas Tree Trump to hold campaign rally in Michigan 'Don't mess with Mama': Pelosi's daughter tweets support following press conference comments MORE during an interview with "Fox & Friends" on Friday.The comments from Limbaugh comes one day after Sinclair Broadcasting Investigative Reporter James Rosen asked House Speaker Nancy PelosiNancy Pelosi 'Don't mess with Mama': Pelosi's daughter tweets support following press conference comments Bloomberg: Trump should be impeached On The Money: Congress races to beat deadline on shutdown | Trump asks Supreme Court to shield financial records from House Democrats | House passes bill to explicitly ban insider trading MORE (D-Calif.) if she "hated" Trump, which prompted a fiery response from the California … [Read more...] about Limbaugh: Impeachment driven by ‘raw hatred’ of Trump and ‘the people who elected him’