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Markets and Index
The American stock market experienced fluctuations and new all-time high prices during Wednesday trading.
- The S&P 500 initiated Wednesday with a rally that pushed it from 2,923 to 2,937 before it dropped back and closed the day at 2,925, or a 2.08 point increase (0,071 percent).
- The Nasdaq Composite had a more stable day and is now trading above 8,000 points after having gained 25.54 (0.32 percent).
- The Dow Jones Industrial Average also fluctuate quite a bit and finally ended at yet another all-time high. On early Wednesday, the index rose almost 100 points before falling back to a 54.45 point increase (0.20 percent), closing at 26,828.
- European airline Primera has filed for bankruptcy, leaving stranded passengers across Europe and North America. Primera has had issues for years and has received “blacklist” warnings from several travel agencies. To support the situation, Norwegian Airlines are offering reduced fares for affected Primera customers.
- Goldman Sachs predicts that Alibaba will rally 40 percent in the next 12 months, marking a record year before CEO Jack Ma officially steps down.
- On Wednesday, Amazon told CNBC that their warehouse workers will lose all monthly bonuses and stock option rewards after the minimum wage was raised to $15 an hour. However, the company did also stress that the raised wages will more than compensate for the lost bonuses.
- Federal Reserve Chairman Jerome Powell clarified that the American economy is a long way from a situation where interest rates can be neutral, indicating more hikes in the near future.
- EUR/USD just marked six days of straight losses and the pair is indicating more losses ahead.
According to inside sources, Saudi Arabia and Russia made a deal to push down oil prices in September and didn’t notify the United States until the plan was executed.
Despite a struggling market, giant stock broker service TD Ameritrade is investing in a cryptocurrency venture called ErisX that is currently offering both Bitcoin spots and futures contracts.
Poloniex has removed margin and leveraged products for all its American traders.
In terms of market development, things are looking better as we enter Thursday than they did yesterday.
- Bitcoin is currently up 1.81 percent since Wednesday.
- Ethereum is up 2.68 percent.
- XRP is up 4.72 percent meaning the asset has close to fully recovered from yesterday’s losses.
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