Markets Drive Higher On Tech Earnings & Restaurant Data Outlook Not So Good – Daily Financial News Summary For Friday, August 31, 2020

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Happy Friday and happy it was for the tech sector after earnings calls sent the markets upward to close the week. The Dow Jones grew 0.4, the S&P 500 climbed 0.7%, and the Nasdaq gained 1.4%, led by a 10% jump in Apple shares.

Rumors swirled that the current President, Donald Trump, wants to order ByteDance from divesting its U.S. ownership of the popular social media site, TikTok. It later surfaced from a New York Times article, that Microsoft is actually already in talks to acquire the U.S. operations of the business from ByteDance. Many quickly joked, an executive order by Trump would be quite “savage” based on the popular song lyrics made popular in many TikTok videos.

Emergency unemployment benefits, including the $600 unemployment stimulus benefit, are set to expire Friday. According to White House Chief of staff Mark Meadows, Democratic leaders have rejected four offers regarding the coronavirus relief bill. It seems there is a bit of negotiation still necessary from both sides.

It is estimated that as many as 231,000 of the nation’s roughly 660,000 eateries will likely shut down this year, said consultancy Aaron Allen & Associates. They also estimated that more than 8,000 restaurants in the U.S. have already been directly affected by an employee with coronavirus.

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