CNBC.com's MacKenzie Sigalos brings you the day's top business news headlines. On today's show, CNBC's Deirdre Bosa walks through the legal fight between California and rideshare giants Uber and Lyft, after the two companies narrowly avoided shutting down operations in the state. Plus, with the S&P 500 hitting a new record, CNBC's Bob Pisani explains how the stock market can be so high while so many Americans are struggling and out of work.
Uber and Lyft's California labor law battle is far from over
Uber and Lyft got their way on Thursday when an appeals court ruled to extend a stay on an order requiring them to reclassify drivers as employees. But their legal battle in that case — and elsewhere in California — is far from over.
The case involves a lawsuit from California's attorney general and city attorneys from San Francisco, Los Angeles and San Diego that alleges Uber and Lyft violated the state's new labor law, Assembly Bill 5 (AB5), by misclassifying rideshare drivers as contractors.
Stocks rose on Friday, lifted by strong U.S. economic data, to end a week that saw the broader market reach a record level.
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.
Apple shares rose 5.1% to an all-time high, building on this week's strong gain. Deere and Foot Locker jumped 4.4% and 1.4%, respectively, on better-than-expected quarterly results.
Sales of existing homes soared 24.7% in July from June, according to the National Association of Realtors.
That's the strongest monthly gain in the history of the survey, going back to 1968, and the highest sales pace since December 2006.
Sales were 8.7% higher from July 2019.