Good Week for Stocks and Cryptocurrencies
The past few weeks have been rough on markets all around. Cryptocurrency got banned in China, which seemed to hold its momentum temporarily. On the other hand, indices faced many issues caused by an underwhelming recovery from COVID. The main destabilizer seems to be job data which keeps consistently underperforming economists’ expectations. On the other hand, there might also be problems with the projections, as they seem to be underestimating the current employee shortage.
That aside, it seems like markets have finally caught a break for one week, with positivity all around. All three major US indexes displayed significant growth that followed the recent depreciation. The Dow Jones Industrial Average opened 173 points higher, showing a growth of 0.5%. In the world of indices, that’s quite drastic, where it may not be as impressive if we were talking about shares or other securities. S&P 500 and Nasdaq followed suit, with both of them rising an identical 0.4%.
The momentum seems to have carried on from Thursday, when we received positive earnings data. The third-quarter earnings beat estimates by a massive 14%. There’s still a large fraction of companies that’s yet to report their income, but so far things are looking good.
More good news comes from the digital currency field where Bitcoin is nearing the $60,000 mark. Earlier, Bloomberg reported that the Securities Exchange Commission approved the first ETF tracking regulated BTC futures. That’s great news for cryptocurrency as a whole, as it sets a positive precedent for other coins. Furthermore, most major cryptocurrencies move in unison, so other coins are also showing growth. The step takes crypto investors a bit closer to the mainstream adaptation that’s their end goal.
Other global indexes are also displaying positive movement. Japan’s Nikkei 225 jumped about 1.8%, while Europe’s Stoxx 600 showed a more gradual growth of 0.4%.
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