Day: September 4, 2020

Dragged down by tech, Dow plunges more than 800 points

Major U.S. stock indices took a plunge Thursday, largely dragged down by steep losses in the tech sector.

a person walking down a street next to tall buildings: The Stock Market stands in lower Manhattan on Sept. 02, 2020, in New York.

© Spencer Platt/Getty Images, FILE
The Stock Market stands in lower Manhattan on Sept. 02, 2020, in New York.

The Dow Jones Industrial Average shed 807 points, or approximately 2.8%, at the close. The S&P 500 slipped more than 3.5% and the tech-heavy Nasdaq dropped 4.9%.

MORE: Why the stock market is divorced from the pain of a pandemic economy

Apple was among the worst performers for the Dow on Thursday, slipping more than 8%. Microsoft shares, meanwhile, were down more than 6%. Shares of Salesforce, one of the newest members of the Dow, similarly fell more than 4%.

Shares for Google’s parent company Alphabet Inc. slid more than 5%. Tesla stock plummeted 9%.

a group of people walking on a city street: The Stock Market stands in lower Manhattan on Sept. 02, 2020, in New York.

© Spencer Platt/Getty Images, FILE
The Stock Market stands in lower Manhattan on Sept. 02, 2020, in New

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Jobs App for Poor Indian Workers Gets $8 Million From Investors

(Bloomberg) — Apna, an app startup that aims to connect millions of bottom-of-the-pyramid workers to employers amid the devastation of India’s lockdown, has raised $8 million from a clutch of investors. The funding, from new investors Greenoaks Capital, Rocketship VC as well as existing backers Lightspeed India and Sequoia Capital, will help the app expand to more cities, the Indian firm said in a statement published Tuesday. It also wants to grow across verticals such as accounting, customer service and nursing. Currently, Apna is in five cities.The startup, founded by Apple Inc. alum Nirmit Parikh, is a sort of LinkedIn for non-English-speaking, poorer Indians. The app helps first-time internet users access job opportunities by entering their name, age, and skills to generate a virtual “business card” that’s shared with potential employers. Less than a year after its December launch, Apna has 1.2 million users.

It generated over a million job

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Auto insurance company Clearcover plans 300 jobs in Detroit

Detroit could soon be home to 300 new jobs in the auto insurance industry as a Chicago-based carrier seeks to expand its Midwest footprint.

The board of the Michigan Strategic Fund on Tuesday awarded Clearcover Inc. a $3.5 million Michigan Business Development Program grant and a $400,000 Jobs Ready Michigan Program grant.

The company plans to invest up to $5 million and create up to 303 jobs in Detroit, according to a memo from the Michigan Economic Development Corp., which administers the MSF.

Because of the coronavirus pandemic, Clearcover intends to begin hiring immediately for remote work-from-home positions in sales, claims and customer service in the Detroit labor market, said Heidi Craun, head of customer experience at Clearcover.

“We strongly prefer to have teams together in an office,” Craun told the MSF board during a virtual meeting. “Of course, that was kind of blown up by the pandemic.”

Its Chicago

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US Open Tennis 2020: Bracket Predictions, Odds for Top Players, Prize Money Info | Bleacher Report

Novak Djokovic, of Serbia, reacts to winning his match with Milos Raonic, of Canada, during the finals of the Western & Southern Open tennis tournament Saturday, Aug. 29, 2020, in New York. (AP Photo/Frank Franklin II)

Frank Franklin II/Associated Press

Novak Djokovic enters the 2020 U.S. Open in the best form of any player.

The top seed in the men’s singles draw is undefeated in 2020, and thanks to that form, he is an overwhelming favorite to win his 18th Grand Slam title. Djokovic is more than deserving of his status, but he could be susceptible to an upset later in the tournament against one of the rising stars in the men’s game.

The women’s singles draw has a more level playing field, with seven major champions among the 32 seeded players.

With the field so tough, the top contenders to make the final in New York could be the ones with the easiest paths to the second week at the USTA National Tennis Center.

Whichever players finish the tournament as champions will walk away from the court with $3 million prizes from a $39 million

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