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Markets and Index
Tuesday turned out to be another day of mixed developments on the American stock market.
- The S&P 500 dropped 1.16 points (0.040 percent) and seems unable to break past 3,000.
- The Nasdaq Composite also fell by 37.76 points (0.47 percent) and is now trading 0.45 points below 8,000.
- The Dow Jones Industrial Average climbed 112.73 points (0.46 percent).
Amazon announced that they will increase the minimum wage for all their US employees to $15, marking a major milestone in the American job market. The decision has been praised by many, including Senator Bernie Sanders. It is also putting pressure on companies such as Target and Walmart to follow suit. Still, Amazon shares dropped in after hours.
Goldman Sach’s says Chevron shares will rally more than 14 percent in the next year and has upgraded the company. The bank also said that the “risk of stocks is overstated.”
The Indian Rupee (INR) has plunged to new record lows and there is no end in sight. Even though India’s Reserve Bank is said to be planning a rate hike later this week, experts doubt it will do much to help Asia’s third-largest economy.
Italy surprised analysts with a calming report on Tuesday. As a result, the EUR spiked for the first time in weeks.
On Tuesday, Iran’s oil ministry released a statement claiming that the rising oil prices is the fault of Donald Trump and that the US should abolish Iran sanctions to stabilize the market.
Cryptocurrency exchange giant Coinbase received an $8 billion valuation proving that the cryptocurrency market is far from dead. The valuation was reported by Recode and Dow Jones on Tuesday.
Unfortunately, the market seems to have hit a road bump after days of decent stability and today most assets are trading in the red.
- Bitcoin is down 1.92 percent since yesterday.
- Ethereum is down 4.54 since yesterday.
- XRP is down 8.50 percent since Monday morning, making it one of the top three losers this past 24 hours.
Top performers are HyperCash, Binance Coin, and Loopring; all with modest gains of 3.49, 2.10, and 1.86 percent each. At the bottom of the list, we find Reddcoin, FunFair, and, as mentioned, XRP.
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