- 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.