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As Layoffs Surge, Airbnb, DoorDash Raise Billions with IPOs for Life After COVID-19

Leisure travel and “order-in” dining are very different markets, but as end to the COVID-19 pandemic appears to be in sight, Airbnb and DoorDash are looking to expand by issuing IPOs.

The IPOs for both companies hit the market as the Labor Department announced that a seasonally adjusted figure of 853,000 Americans filed for unemployment last week for the first time, the largest number since mid-September. Current jobless claims rose to 5.8 million, the first rise in those figures since late August. Overall unemployment declined slightly in October to 6.7%.

But Airbnb and DoorDash are betting on better times ahead.

DoorDash, a food delivery service, rode that trend to a strong IPO Wednesday after state officials closed restaurants last spring as part of the effort to curb spread of COVID-19, forcing an increasing number of people to eat meals at home.

“The pandemic-fueled rally in DoorDash is here to stay

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European stocks surge as cyclicals rally, U.S. jobs data awaited

By Sruthi Shankar

(Reuters) – European shares climbed on Thursday as encouraging economic data from across the globe and hopes of a COVID-19 vaccine lifted sentiment ahead of the crucial U.S. jobs data.

The pan-European STOXX 600 <.STOXX> rose 1.2% to mark its fourth consecutive day of gains. Banks <.SX7P>, automakers <.SXAP> and travel & leisure <.SXTP> firms were the top gainers, jumping between 2.7% and 3.4%.

Financial markets entered the second half of the year on a cheerful note earlier this week, as business surveys showed a coronavirus-induced slump in global manufacturing eased in June.

Adding to optimism, a COVID-19 vaccine developed by German biotech firm BioNTech <BNTX.O> and U.S. pharmaceutical giant Pfizer <PFE.N> was found to be well-tolerated in early stage human trials.

All eyes are on the U.S. payrolls data, due at 1230 pm GMT. Economists have estimated that job numbers rose by 3 million in June,

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