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Market and Index
On Friday, the market closed on a positive note indicating that last week’s massive sell-off was only a correction and that we can expect more gains during the coming week.
- The S&P 500 climbed 38.76 points (1.42 percent).
- The Nasdaq Composite climbed 167.83 points (2.29 percent).
- The Dow Jones Industrial Average climbed 287.16 points (1.16 percent).
- JP Morgan Chase, Wells Fargo, and Citigroup all reported better-than-expected revenue on Friday which saw Citigroup shares gaining 2 percent before closing.
- According to sources with insider information, Sears is on the brink of a bankruptcy. As a part of a bankruptcy plan, Sears, which was once the biggest retailer in the United States, will close up to 150 stores. However, the board is planning to stay open during the Holiday Season and are actively looking for a buyer.
There is no shortage of tradeable company reports this week. Later today, Charles Schwab has a Q3 report planned and on Tuesday we look forward to Johnson & Johnson as well as Netflix. Later this week, Philip Morris, PayPal, and Honeywell also have quarterly reports planned. But that is far from all and there is a lot of exciting news and reports to trade on this week.
- The Swedish krona is set to fall as the country fails to create a new government and the gridlock continues. Head of the Moderate Party has been unable to agree on a government set up during the first two weeks after the election. Now, the krona might fall as the country’s stock market opens on Monday.
- We’re also observing EUR/USD as Italy struggles with setting a new budget and Germany hosts local elections.
Oil is rising and will likely continue in the near future, however, the path is looking more uncertain further down the road.
While the stock market recovered after last week’s sell-off, the cryptocurrency market continued struggling. As of Monday morning, the majority of the top 100 assets are trading in the red.
- Bitcoin is down 0.50 percent, balancing on $6,300.
- Ethereum is down 2.68 percent.
- XRP has dropped a total of 4.30 percent since Sunday morning.
Despite the falling prices, some experts are convinced that the market is about to explode, especially if the SEC decides to give green light from the ETF applications that they’re currently reviewing.
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