CNBC.com's MacKenzie Sigalos brings you the day's top business news headlines. On today's show, CNBC.com technology editor Steve Kovach explains how Apple's market value grew to $2 trillion — the first U.S. publicly traded company to cross that threshold. But as the big tech names like Apple reach new heights, the underlying economy is struggling. As jobless claims rise, CNBC's Rahel Solomon breaks down which states have been approved to pay out the additional $300 per week federal benefit.
Workers in a handful of states may soon see a $300-a-week bump in their unemployment benefits.
The federal government has approved funding for 11 states — Arizona, Colorado, Idaho, Iowa, Louisiana, Maryland, Missouri, Montana, New Mexico, Oklahoma and Utah — to offer the $300 supplement to jobless benefits, according to the Federal Emergency Management Agency, which is overseeing the assistance.
Apple hit a market cap of $2 trillion Wednesday, doubling in valuation in just over two years to become the first publicly traded U.S. company to reach the milestone.
Based on a share count of more than 4.275 billion, Apple broke the barrier just before 11 a.m. ET, when its price rose to $467.77. However, Apple fell below the $2 trillion mark as the day moved on, and shares closed at $462.83, giving it a market cap of about $1.98 trillion.
Apple first reached a $1 trillion market cap on Aug. 2, 2018. Wall Street has largely expected the iPhone maker to become the first to surpass $2 trillion. On July 31, Apple passed the state oil giant Saudi Aramco to become the world's most valuable publicly traded company.
The number of people filing for unemployment benefits last week was greater than expected, raising concern about the state of the economy as lawmakers struggle to move forward on a new pandemic stimulus package.
The Labor Department said Thursday that initial jobless claims for the week ended Aug. 15 came in at 1.106 million. Economists polled by Dow Jones expected a total of 923,000. Initial claims for the previous week were also revised higher by 8,000 to 971,000. Last week marked the first time in 21 weeks that initial claims came in below 1 million.
"The modest jump is a stark reminder that claims will likely encounter some turbulence as they fall rather than gliding in for a soft landing," said Daniel Zhao, senior economist at Glassdoor.