U.S. stocks fell Thursday morning with bond yields higher and bitcoin rallying as investors parse through another round of economic data.
The S&P 500 (^GSPC) was down 1.3%, while the Dow Jones Industrial Average (^DJI) declined by 0.9% shortly after the market open. The technology-heavy Nasdaq Composite (^IXIC) sank by closer to 1.6%.
Over the past 24 hours, bitcoin (BTC-USD) has rallied, hitting a new-six month high as regulatory crackdowns driving some continued uneasiness in the crypto stpace. The token stands at about $24,391.30 Thursday morning.
The yield on the benchmark 10-year U.S. Treasury note rose to 3.843% Thursday morning. The dollar index moved higher nearly 0.1% to trade at $104.03. Energy was little-changed early Thursday, with WTI crude oil prices flat at $78.65 a barrel.
Stocks capped off the day higher on Wednesday after economic data continued to suggest the economy remains resilient in the face of higher rates and sticky inflation.
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2023-02-16 09:35:40
Article from finance.yahoo.com
The volatile cryptocurrency Bitcoin surged past the $12,000 mark on Tuesday, as stock futures across the United States faltered due to a rise in Covid-19 cases.
It has been a tumultuous ride for Bitcoin in recent weeks, but prices have been holding relatively steady over the past few days with a minor increase in value. On Tuesday, Bitcoin rose 4.6%, and the cryptocurrency is currently trading at $12,408. This follows news on Monday that the cryptocurrency had reached a new high of $12,347, surpassing June’s record-high of $12,318.
Experts speculate this surge in Bitcoin’s value is due to the increased demand, as investors seek a safe haven amid the mounting Covid-19 concerns and instability of traditional stocks.
This increase in demand also continues to lift the price of Bitcoin. The start of the week saw a 6.2% increase in the cryptocurrency, with prices surpassing former record highs. This coincides with the general wavering of stock futures on Tuesday, with the three major U.S. indexes indicating a lower open.
If Bitcoin continues to remain above $12,000, this will mark a third consecutive day the cryptocurrency has traded at a record-breaking level. Investors are also closely watching the cryptocurrency, and the stock market, for further developments.
In conclusion, Bitcoin surged past the $12,000 mark as stock futures faltered due to rising Covid-19 cases. The digital currency has been trading relatively steady, and Tuesday’s announcement of it hitting a new high of $12,347 is quite remarkable. Rising demand for the cryptocurrency appears to be driving the surge, as more investors look for a safe haven from traditional stocks. The future of Bitcoin and the stock market remains uncertain, however, and investors will be closely monitoring any major fluctuations in the market.