Week 08/17/2020 - 08/23/2020

The Nasdaq advanced 1% to 11129.73, hitting an all-time high.
The S&P 500 rose slightly but fell short of a record closing high once again amid declining trading volumes and lingering concerns over a U.S. coronavirus stimulus bill.
Bitcoin’s price went past $12000 to its highest level.
Robinhood announced a $200 million Series G round.
The Trump administration approved to open Alaska’s Arctic National Wildlife Refuge to drilling for oil and gas.
Ryan Reynolds agreed to sell his compnay to Diageo which is a deal worth $610 million.
Tesla’s stock got 11% surge because of people’s high expectation on its new battery tech.
Citi acciendentally sent about $900 million to a group of Revlon lenders last week.

The S&P 500 closed at an all-time high.
DeJoy has announced he will suspend the controversial changes he instituted to the U.S. Postal Service until after the November election.
Because of the stinulus checks, Walmart’s Q2 sales has a boost.
Home Depot’s sales soared 23% at $38 billion. It’s Home Depot’s biggest quarterly sales growth in almost 20 years. However, its CEO was not certain how long the home spending trend would last, which leads to the felling of its stock price.
Chegg’s sales soured 63% from the same quarter last year and its new subscribers jumped 67% thanks to the e-learning surge.
Amazon is expanding its physical offcies in six U.S. cities and adding thousands of corporate jobs in those areas.
Oracle is in talks to acquire TikTok’s U.S. operations, challenging Microsoft.

The S&P 500 hits an all-time high again.
Apple hit a market cap of $2 trillion, doubling in valuation in just over two years. It’s the first publicly traded U.S. company to reach a $2 trillion market cap.
Airbnb has submitted a draft registration to the Securities and Exchange Commission for an initial public offering.
Facebook banned about 900 pages and groups and 1,500 ads tied to the pro-Trump conspiracy theory QAnon, part of a sweeping action that also restricted the reach of over 10,000 Instagram pages and almost 2,000 Facebook groups pushing the baseless conspiracy theory, which has spawned real-world violence.

Lyft reversed a decision to suspend service in California Thursday after a California appeals court extended the length of time Uber and Lyft have until they need to comply with an order to reclassify drivers as employees.
Joseph Robinette Biden officially becomes the Democratic Nominee for President.
The number of workers applying for unemployment climbed back over 1 million.
Because of the Wildfires, more than 694,000 acres have burned in Northern and Central California.
Tesla’s stock cracks $2000 ahead of share split.

The Dow Jones Industrial Average finished the session up 190.6 points at 27,930.33, a gain of about 0.7%. The S&P 500 advanced 0.34% to 3,397.16, a new record closing high. The Nasdaq Composite climbed 0.4% and ended the day at 11,311.80, also a record close.
The European economy’s rebound from the coronavirus recession appears to have slowed in August as a resurgence in new confirmed contagions across the region makes businesses, shoppers and travelers more cautious. IHS Markit’s purchasing managers’ index for the 19-country eurozone dropped to 51.6 in August from 54.9 in July.
Jeff Wilke, CEO of Amazon’s worldwide consumer division, is planning to retire in the first quarter of 2021, the company announced in a regulatory filing on Friday.
AMC, Cinemark, Regal, Marcus Theaters are finally reopening after five months of being closed due to Covid-19.