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The number of Americans who filed new claims for unemployment benefits last week totaled 1.434 million, roughly in line with expectations, as the coronavirus pandemic continues to ravage the U.S. economy.  It was the 19th straight week in which initial claims totaled at least 1 million and the second consecutive week in which initial claims rose.


Apple reported a historically strong quarter for the company, including $59.7 billion in revenue and double-digit growth in its products and services segments, blowing away analyst estimates.  The company also announced they are going to split their stock 4-1 at the end of August.


Facebook reported second-quarter results that handily topped estimates, growing its user base and advertising business further during the pandemic even as the social media giant came under increased scrutiny for its policies around policing harmful content on its platforms.  Shares of Facebook rose 5% to $246.83.


Amazon posted second quarter revenue and earnings that blew away Wall Street estimates, bolstered by consumer trends during the coronavirus pandemic that have catapulted the tech giant into one of the crisis’ biggest beneficiaries.  The company earned $10.30/share vs. $1.51 expected.
 

With Northwest Quadrant Wealth Management, I’m Tyler Simones.

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