The Dow and Nasdaq are trending up in this morning’s market after a week of economic turmoil amidst rising bond yields and increased pandemic concerns.
The Dow is up 163 points to 32,781 (+0.51%) while the S&P 500 climbs 22 points to 3,932 (+0.58%). The Nasdaq made a comeback of 77 points at open to 13,061 (+0.65%), reversing a series of losses from earlier this week.
Investors have considered whether the perceived “bullish” market will continue, as speculation about bond yields and inflation have largely contributed to the pullback in the stock market. The U.S. Treasury 10-year bond yield is currently 1.667%, still down from its high of 1.774% from last week.
The spike to 1.77% caused a sharp pull-bull back in the market last that corrected itself by the weeks end when the yield fell.
Cryptocurrencies have also suffered losses this week, with Bitcoin falling to $53,000 in value and Ethereum to $1,600. Owners of Bitcoin Trust shares have begun offloading their investments in secondary markets, causing share prices to plummet.
Bitcoin’s largest fund tracking partner Grayscale Bitcoin Trust has dropped 20% in value this week, now trading for $45.84 (+1.03%) after hitting a low of $42 on Thursday. Grayscale began the week at $52 a share.
European markets have followed the trend, posting gains across most sectors in todays market. The Stoxx 600 is up 3.8 points to 426.91 (+0.89%) and London’s FTSE climbs 56 points to 6,731 (0.85%). The DAX regains some of its heavy losses over the past week, gaining 133 points to rest at 14,754.
Asian markets reversed course today as Shanghai’s Composite (SHCOMP) climbs 54 points to 3,418 (+1.63%). The Hang Sang Index (HSI) gained a modest 436 points to 28,336 (+1.57%) while Japan’s Nikkei outperformed Hong Kong with a jump of 446 points to 29,176 (+1.56%).
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