US Stocks Trend Up as Inflation Fears Subside

The Dow Jones and S&P 500 are trending up as markets open today, as popular cryptocurrency Bitcoin surges to $60,000 over the weekend.

The Dow (DJI) is currently up around 89 points this morning to 32,865 (+0.27%) while the S&P 500 (SPX) has stagnated, losing 1 point in early market trades to 3940 (-0.04%). This is largely in response to decreasing bond yield rates, which have been a main concern for investors in early 2021.

The Nasdaq (NDX) continues its trend of fickle behavior, up about 4 points this morning to 12,943 (+0.04%), as tech stocks remain volatile. Recent news of cobalt bottlenecks in China may be driving this trend.

Bitcoin (BTC) broke another record over the weekend, topping $60,000 in value on Saturday, but fell in value this morning by $2,071 to $56,950 (-3.53%). This follows an announcement that India will introduce a bill to ban all cryptocurrency trading and mining within its borders, proposing the world’s strictest ban on crypto-related investments.

In foreign markets, Europe’s Stoxx 600 is up 1 point to 424 (+0.25%), with London’s FTSE 100 down 43 points to 6745 (-0.64%). Shanghai’s Composite Index (SHCOMP) closed down today, falling 33 points to 3419 (-0.96%). Hong Kong’s Hang Sang Index (HSI) ended its day up 94 points, to 28,833 (+0.33%), while Japan’s Nikkei following suit, up 49 points to 29,766 (+0.17%).

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