Continuing the Rise of American Indices
U.S. stocks closed higher at the end of Tuesday’s trading session.
The main indices saw gains, particularly in the industrials, basic materials, and consumer goods sectors.
Content
Indices
The Dow Jones Industrial Average rose by 1.85%, hitting an all-time high.
The S&P 500 increased by approximately 0.64%, and the Nasdaq rose by 0.21%.
Yesterday’s retail sales data came in positive at 0.0%, higher than the expected -0.3%.
Markets are now awaiting the unemployment claims data tomorrow.
Bitcoin
Good Rise for Bitcoin:
Over the past three days, the crypto market has seen massive inflows into bitcoin exchange-traded funds (ETFs) exceeding one billion dollars. This indicates increasing investor interest recently.
These inflows coincided with the rise of bitcoin’s price to above $66,000, a 3% increase over the past 24 hours, despite ongoing market uncertainty.
Specifically, bitcoin ETFs witnessed significant inflows on Tuesday, receiving more than $422.5 million – the highest recorded inflows in the last 30 days. Leading these inflows was BlackRock’s iShares Bitcoin Trust (IBIT) with $260.2 million.
Oil
Decline in Oil Prices:
During Asian trading hours on Wednesday, crude oil futures hovered around their monthly lows. Markets were impacted by concerns about the global economy’s health and the outlook for oil demand growth. This comes despite increased optimism following last month’s decrease in U.S. inflation rates and the almost certain expectation of a rate cut in September. However, the pace of further rate cuts may slow in the future. According to New York Mercantile Exchange data, September crude oil futures were traded at $79.71 per barre
Continuing the Rise of American Indices