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."
From just $107.88 $24.99 for Kiplinger Personal Finance
Be a smarter, better informed investor.

Sign up for Kiplinger’s Free Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
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.
Profit and prosper with the best of Kiplinger's advice on investing, taxes, retirement, personal finance and much more. Delivered daily. Enter your email in the box and click Sign Me Up.

Dan Burrows is Kiplinger's senior investing writer, having joined the publication full time in 2016.
A long-time financial journalist, Dan is a veteran of MarketWatch, CBS MoneyWatch, SmartMoney, InvestorPlace, DailyFinance and other tier 1 national publications. He has written for The Wall Street Journal, Bloomberg and Consumer Reports and his stories have appeared in the New York Daily News, the San Jose Mercury News and Investor's Business Daily, among many other outlets. As a senior writer at AOL's DailyFinance, Dan reported market news from the floor of the New York Stock Exchange.
Once upon a time – before his days as a financial reporter and assistant financial editor at legendary fashion trade paper Women's Wear Daily – Dan worked for Spy magazine, scribbled away at Time Inc. and contributed to Maxim magazine back when lad mags were a thing. He's also written for Esquire magazine's Dubious Achievements Awards.
In his current role at Kiplinger, Dan writes about markets and macroeconomics.
Dan holds a bachelor's degree from Oberlin College and a master's degree from Columbia University.
Disclosure: Dan does not trade individual stocks or securities. He is eternally long the U.S equity market, primarily through tax-advantaged accounts.
-
Striking Gold (or Gas): A Financial Pro Unpacks the Nuances of Energy Investing
Investing in the energy industry, particularly oil and gas, involves understanding the facts about how projects generate returns through cash flow and long-term asset building, while also being aware of the risks.
-
Escaping the New Golden Handcuffs: A Financial Expert Has a Plan for Today's Executives
Feeling stuck in your job? It could be your complicated compensation package, but it also could be where you live, your family or even how you view yourself.
-
S&P 500 Sees New Highs on Shutdown Day: Stock Market Today
Most of its components were in the red, but the S&P 500 Index still managed to hit a new intraday all-time high.
-
If You'd Put $1,000 Into Bank of America Stock 20 Years Ago, Here's What You'd Have Today
Bank of America stock has been a massive buy-and-hold bust.
-
If You'd Put $1,000 Into Oracle Stock 20 Years Ago, Here's What You'd Have Today
ORCL Oracle stock has been an outstanding buy-and-hold bet for decades.
-
If You'd Put $1,000 Into Sherwin-Williams Stock 20 Years Ago, Here's What You'd Have Today
Sherwin-Williams stock has clobbered the broader market by a wide margin for a long time.
-
If You'd Put $1,000 Into UnitedHealth Group Stock 20 Years Ago, Here's What You'd Have Today
UNH stock was a massive market beater for ages — until it wasn't.
-
If You'd Put $1,000 Into Berkshire Hathaway Stock 20 Years Ago, Here's What You'd Have Today
Berkshire Hathaway is a long-time market beater, but the easy money in BRK.B has already been made.
-
If You'd Put $1,000 Into Procter & Gamble Stock 20 Years Ago, Here's What You'd Have Today
Procter & Gamble stock is a dependable dividend grower, but a disappointing long-term holding.
-
My Three-Day Rule for Investing: And If it Applies Now
Stock Market I've seen a lot in my career. Here's what I see now in the stock market.