stocks

Stock Market Today: Airbnb Takes Off in Debut

Markets were mixed Thursday as downbeat economic data offset hope for approval of a COVID-19 vaccine.

Stocks closed mostly lower on Thursday, as talks for another round of economic stimulus sputtered and jobless claims spiked.

Weekly applications for first-time unemployment rose 137,000 to a seasonally adjusted 853,000. Economists were looking for claims of just 725,000. The surge in applications suggests that the recovery in the labor market has stumbled amid renewed COVID-19 restrictions.

"Initial and continuing jobless claims posted larger-than-expected increases, with initial claims surging to their highest level in two months," said Michael Gapen of Barclays Research. "Their rise broadly coincides with increased restrictions put in place by many states to offset rising COVID-19 cases."

Happily, it wasn't all bad news on the pandemic front. Although Democrats and Republicans remain at loggerheads over additional stimulus, investors were able to take heart in the Food and Drug Administration's meeting to weigh the risks of the experimental COVID-19 vaccine developed by BioNTech (BNTX, +5.5%) and Pfizer (PFE, -0.3%).

By session's end, the blue-chip Dow Jones Industrial Average fell 0.2% to 29,999, while the broader S&P 500 slipped 0.1% to 3,668. The tech-heavy Nasdaq Composite perked up with a 0.5% gain to close at 12,405. Other action in the market today:

  • The small-cap Russell 2000 rose 1.1% to 1,922.
  • U.S. crude oil futures gained 2.6% to finish at $46.91 per barrel.
  • Gold futures settled at $1,835.50 per ounce, a 0.9% improvement.

Airbnb Demand: A Sign of 2021 Recovery Hopes?

Thursday's biggest star, however, was Airbnb (ABNB +113%), which soared in its stock market debut. The home-sharing network raised $3.5 billion in its initial public offering, making it the year's third-largest IPO.

When a stock goes public, it's often taken as a sign of confidence.

Given that 2021 already has no shortage of IPOs, it's fair to say that confidence is in good supply on Wall Street. Consider what Airbnb tells us. The travel sector has been trashed by the pandemic, but investors are clearly bullish on a rebound in hospitality, travel and leisure next year. 

Recovery will be the market's main theme in 2021, and there are a host of ways to play it. With that in mind, have a look at the 21 Best Stocks to Buy for 2021, a list that offers exposure to everything from financials to floor scrubbers.

Most Popular

11 Good Reasons to Cancel Amazon Prime
Budgeting

11 Good Reasons to Cancel Amazon Prime

You probably aren't using most of the perks tucked into that $119 annual fee -- which you don't need to pay to get the free Amazon shipping you crave.
April 13, 2021
Who Should Return Their Third Stimulus Check to the IRS?
Coronavirus and Your Money

Who Should Return Their Third Stimulus Check to the IRS?

Some people who receive a third stimulus check are required to send it back to the IRS. Others can return it voluntarily.
April 12, 2021
2021 Child Tax Credit Calculator
Tax Breaks

2021 Child Tax Credit Calculator

See how much money you'll get in advance under the new child tax credit rules for 2021.
April 14, 2021

Recommended

Stock Market Today 4/14/21: Strong Start to Earnings Season Sends Dow Higher
Stock Market Today

Stock Market Today 4/14/21: Strong Start to Earnings Season Sends Dow Higher

Goldman Sachs' (GS) record Q1 and a strong day for Chevron (CVX) helped keep the Dow in positive territory on an otherwise choppy Wednesday.
April 14, 2021
Buy Cruise Line Stocks? The Pros Aren't So Sure
stocks

Buy Cruise Line Stocks? The Pros Aren't So Sure

Cruise line stocks have performed well so far in 2021, but analysts are still sitting on the sidelines amid cloudy reopening plans. 
April 14, 2021
Stock Market Today 4/13/21: Nasdaq Climbs, Dow Slips After J&J Vaccine Stumble 
Stock Market Today

Stock Market Today 4/13/21: Nasdaq Climbs, Dow Slips After J&J Vaccine Stumble 

U.S. agencies recommended a pause in use of the Johnson & Johnson COVID vaccine amid rare instances of a blood clotting disorder, rattling the recover…
April 13, 2021
Stock Market Today 4/12/21: Stocks Sag on Sleepy Monday
Stock Market Today

Stock Market Today 4/12/21: Stocks Sag on Sleepy Monday

The Dow declined on a low-volume Monday, but the start of Q1 earnings season and the Coinbase offering should spice things up later this week.
April 12, 2021