Here are the most important news items that investors need to start their trading day:
1. Things are looking up
All three major stock indexes are on four-day winning streaks. The Dow Jones Industrial Average gained about 0.7% Thursday, while the S&P 500 rose roughly 0.3% and the Nasdaq Composite added 0.2%. All three averages also notched new records, both intraday and at market close. Headed into the final session of the week, the Dow is up 2.7% since Monday, the S&P has gained 2.4% and the Nasdaq is 2.6% higher. Follow live markets updates.
2. Taking a bite out of the Apple
Apple products are offered for sale at an Apple store on March 21, 2024 in Chicago, Illinois.
Scott Olson| Getty Images
The Department of Justice is taking a shot at Apple, claiming the iPhone maker has built a monopoly at the expense of consumers, developers and competitors. The antitrust lawsuit extends beyond Apple phones and Watches and calls into question its advertising, browser, FaceTime and news products as well. “Each step in Apple’s course of conduct built and reinforced the moat around its smartphone monopoly,” the DOJ said in its lawsuit, which was joined by 16 state attorneys general. Apple said in a statement that the lawsuit “threatens who we are and the principles that set Apple products apart in fiercely competitive markets.” Its stock fell 4% Thursday after the challenge.
3. Reddit where Reddit is due
Reddit CEO Steve Huffman hugs mascot Snoo as Reddit begins trading on the New York Stock Exchange (NYSE) in New York on March 21, 2024.
Timothy A. Clary | AFP | Getty Images
Shares of Reddit jumped almost 50% in their first day of trading Thursday, ending their debut session at $50.44 apiece. At that price level, the company has a market value of about $9.5 billion. It’s the latest sign that the IPO market — dried up for years during Covid uncertainty and a tough borrowing landscape — is finally loosening up. The stock traded as high as $57.80 intraday Thursday, a 70%…
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