On Monday, the U.S. stock market hit new highs as investors bet on an economic rebound this year due to improvements in vaccine programs against Covid-19, central bank funding, and a new U.S. support program. Approximately 77 companies expected this week, including three Dow Jones owners, Cisco Systems on Tuesday, Coca-Cola on Wednesday, and Walt Disney on Thursday are aggressively continuing the earnings season. For the first time in more than a year, Brent oil climbed above $60 a barrel on Monday.
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The three big U.S. indexes at the close-set new records. The industrial average of the Dow Jones added 0.76 percent to 31,385 points, while the large S&P 500 index improved 0.74 percent to 3,915 points, and the Nasdaq Composite, rich in electronics and biotechnology, grew 0.95 percent to 13,987 points.
Stock markets have ended up higher elsewhere in the world, welcoming optimistic signs of a coronavirus pandemic in nations with the most advanced vaccine campaigns. The EuroStoxx 50 in Europe gained 0.27 percent and the CAC 40 in Paris gained 0.47 percent. The Nikkei leapt 2.1% in Asia and the Shanghai Composite ended up 1%.
On Wall Street, ten of the 11 industry indexes in the S&P 500 finished on Monday in the green, beginning with oil (up 4.1 percent), raw materials (up 0.8 percent), finance (up 1.2 percent), industry (up 0.9 percent), electronics (up 1 percent), telecom services (up 0.4 percent ).
In the face of crude oil prices, oil firms surged: Marathon Oil and Occidental Petroleum jumped by about 13 percent. In the meantime, Tesla Motor rose 1.3 percent, while in January, the California-based automaker was stunned by saying it acquired bitcoin worth as much as $1.5 billion. The data also triggered a new high for Bitcoin to skyrocket past $43,000 (up 14 percent).
So far, analysts have been largely encouraged by the progress of the business in the fourth quarter of 2020, as well as by their predictions. In the quarter ended December, about 60 percent of the members of the S&P 500 have already released their results, and of these firms, the overwhelming majority, about 80 percent, has done better than predicted by analysts, both in terms of profit and revenue.