We discussed this week the idea that the stock market might be running out of gas, and that certainly seemed to be the case on Friday, as stocks ended up mixed after giving up most of their morning gains.
It was not a problem for digital currency Bitcoin, however.
Traders have found several positive economic indicators to consider. US businesses are growing at their fastest pace in six years, according to IHS Markit’s flash reading of the Purchasing Managers’ Index, which fell to 58.8 in February from 58.7 the previous month. And Deere (DE, + 9.6%) provided some optimism after raising its profit forecast for 2021 amid expectations of better equipment sales.
However, an opening pop in the market lost strength as the day wore on, fitting in neatly in a week that has seen stocks battling historic highs. Dow Jones Industrial Average, up 154 points from its peak, finished less than 1 point higher instead, closing at 31,494.
One potential problem remains the level of optimism in stock prices.
“Most of our indicators suggest that stocks are pricing a lot of good news,” says Savita Subramanian, equity and quantitative strategist for BofA Securities. “In fact, over $ 3 billion in stimulus can already be counted on one metric: the ratio of S&P 500 market cap to M2 money supply. The ratio is currently 1.7x, the highest level since February 2020, and to arrive at the post-crisis average of 1.4x, we estimate that an additional 3.1 T $ of M2 would be needed. “
Other stock market action today:
- The S&P 500 decreased 0.2% to 3,906.
- The Nasdaq compositefinished with a marginal gain at 13,874.
- The little cap Russell 2000rebounded from a dismal Thursday, up 2.2% to 2,266.
- U.S. crude oil futures fell 0.8% to $ 60.05 a barrel.
- Gold Futuresgained 0.1% to $ 1,777.40 an ounce.
Bitcoin: the trillion dollar cryptocurrency
If the stock market lost its momentum this week, Bitcoin has surely found it. The digital currency, which has exploded by more than 1,300% from its lowest bearish low in 2020, continues to grab Wall Street’s attention as it reaches new milestones.
Bitcoin prices broke above the $ 55,000 mark on Friday and ended regular trading hours at $ 55,397. (Bitcoin trades 24 hours a day; prices shown here are at 4 p.m. on each trading day.) This marks a 6.3% daily rise and an 18.8% jump since Monday morning.
Assets invested in Bitcoin have now exceeded $ 1 trillion; for the prospect, if Bitcoin were a publicly traded company, it would now be worth more than You’re here (TSLA, $ 749 billion) or Facebook (FB, $ 745 billion).
Fueling that payoff is one of the drivers we cited in our 2021 outlook for Bitcoin: institutional investors, who are quickly pouring huge sums of money into Bitcoin and other digital currencies.
Should you join them?
Bitcoin remains a high risk investment, and also difficult to access if you only have a traditional brokerage account, you cannot buy digital currency without accessing a cryptocurrency exchange. But you can buy from crypto-connected companies like these eight stocks. And you can also access crypto through a small but growing number of funds, in the same way you would buy SPDR Gold (GLD) shares to gain exposure to gold.
Read on as we walk you through the latest option for crypto investors, a Bitcoin fund that charges less than half the fees of the current market leader and explains its benefits, as well as potential future threats.
Kyle Woodley has long been Bitcoin at the time of this writing.
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