- S&P 500 and Nasdaq 100 catchup with DJI momentum.
- Elon Musk becomes the world’s richest.
- Bitcoin touches $40,000 for the first time.
Fears of political instability in the US subsided fast, and the bullish enthusiasm continued its speculative rise without worrying much about the economic fundamentals. The completion of Electoral College ballot count and the Georgia runoff elections’ results fuelled the risk-on buying. Dow Jones Industrial Average continued its record-breaking run; it was the only index which posted a record high in the previous day amidst the riot after-effect.
The broader S&P 500 and technology-laden Nasdaq 100 gapped higher on yesterday open and inched higher to regain lost grounds on Wednesday.
The rally in Tesla stocks to a new record above 800 dollars, burgeoned its market capitalisation above 770 billion dollars, pulling Elon Musk to the position of being the richest man in the world.
Bitcoin managed to extend gains even when US indices were in the backfoot in recent days and briefly crossed above 40,000 dollars intraday yesterday.
The digital currency surge resulted in its doubling in value in less than four weeks after recently crossing the new highs of 20,000 dollars. There are fundamental drivers including the political turbulence, significant stimulus and economic uncertainty; yet the cryptocurrency could be in bubble territory, even though predicting the top is fraught with dangers.
Currencylive.com is a news site only and not a currency trading platform. Currencylive.com is a site operated by Wise US Inc ("We", "Us"), a Delaware Corporation. We do not guarantee that the website will operate in an uninterrupted or error-free manner or is free of viruses or other harmful components. The content on our site is provided for general information only and is not intended as an exhaustive treatment of its subject. We expressly disclaim any contractual or fiduciary relationship with you on the basis of the content of our site, any you may not rely thereon for any purpose. You should consult with qualified professionals or specialists before taking, or refraining from, any action on the basis of the content on our site. Although we make reasonable efforts to update the information on our site, we make no representations, warranties or guarantees, whether express or implied, that the content on our site is accurate, complete or up to date, and DISCLAIM ANY IMPLIED WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE. Some of the content posted on this site has been commissioned by Us, but is the work of independent contractors. These contractors are not employees, workers, agents or partners of Wise and they do not hold themselves out as one. The information and content posted by these independent contractors have not been verified or approved by Us. The views expressed by these independent contractors on currencylive.com do not represent our views.