BM Market Report 14/09 – 2018: Dow Jones, AMD, TRY and Ethereum

BM Market Report 14/09 – 2018: Dow Jones, AMD, TRY and Ethereum

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Markets and Index

After a quite slow and uneventful week on the American market, we finally got to see some movements yesterday.

  • The Dow Jones Industrial Average gained 147 points or 0.57 percent and is now only a little more than 100 points from its all-time record high which it has the potential of pushing past during Friday.
  • The Nasdaq Composite is up 59.48 points or 0.75 percent and the S&P 500 gained 15.26 points, meaning the index is extending it’s all-time high while also inching its way closer to 3,000 points.

Stocks

  • AMD is a top pick for many analysts this coming quarter, however, the stock is being quite unstable. On Wednesday, the stock surged 7 percent thanks to Apple unveiling new products with AMD components, before dropping 5 percent on Thursday.
  • Consumer interest in Apple’s new phones has not been as spectacular as expected, although experts claim they will be a “breakthrough” for the company. One analyst even said that the new iPhones prove that Apple’s 1 billion dollar valuation is low.
  • Later today, the US is releasing its September retail sales report which tends to be tradeable news for stock and forex traders alike.

Forex

EUR/USD’s downtrend remains intact after a short increase on Thursday in relation to the ECB meeting.

TRY/USD surge yesterday on positive rate hikes. However, the lira and the Turkish economy is far from recovering after the recent meltdown.

Commodities

  • Crude oil prices fell during Thursday but has since turned and is now increasing globally again.

Cryptocurrencies

According to Bloomberg sources, Morgan Stanley is getting ready to start offering derivatives tied to Bitcoin and some of the largest cryptocurrencies. The bank has yet to confirm the rumors.

In a response to the Morgan Stanley news, the cryptocurrency market took off and we have seen good gains across the industry.

  • Bitcoin is up 2.19 percent in the past day, inching its way towards the $7,000 dollar mark.
  • XRP is up 4.39 percent in the past day.
  • In the past 24 hours, Ethereum did the best with gains of 15.38 percent, meaning ETH finally recovered and past $200 again.

Among the top gainers, we find RChain, Aurora, and MOAC while the bottom performers are Emercoin, ReddCoin, and Bitcoin Private

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