Weekly News: March 6
Consumer confidence and market positivity continues into the beginning of March as U.S. stock prices continue to rise and major indexes hit new record levels. Can you hear the cries of “Yipee!” from investors? The Fed is taking note and many officials have stated that a short-term interest rate increase would be appropriate at its next meeting on March 15. In other news, investors snap up stock from Snapchat’s IPO on Thursday March 2, and President Donald Trump yet again causes a stir with his Twitter account, this time taking aim at Obama.
Top 5 Stories From Last Week
Consumer Confidence: Despite all the turbulence with the country’s politics, American consumers are feeling better and spending more. The consumer confidence index (an indicator that captures consumers’ feeling about current and future economic conditions) rose to 114.8 in Feb from 111.6 in Jan, the highest level since 2001.
Snap IPO: Snapchat’s initial public offering went without a hitch on March 2, as the social media company entered a strong and eager market. The company was founded by CEO Evan Spiegel who turned down a $3 billion offer from Facebook at age 23 back in 2013. Snap shares were priced at $17, opened at $24 and closed the day at $24.48. Check out what the stock is up to here.
Trump Pointing the Finger: Trump’s latest accusations on Twitter reveal that the President is suggesting that his predecessor, Barrack Obama, committed an outrageous crime by wiretapping Trump during the election. In a shocking tweet, Trump accuses Obama of attempting to rig an election, which is a unprecedented claim never seen before in American politics. Few facts are know about the issue but one thing is clear; the consequences either way are pretty troubling!
Dalio to Step Down: Effective April 15, Ray Dalio is stepping down from his co-CEO role from the world’s largest hedge fund, Bridgewater Associates, to focus on being co-chief investment officer instead. The 67 year old said that although he is stepping down from the co-CEO position of the company that he himself founded, he wishes to remain a professional investor at Bridgewater “until I die”.
Bitcoin Optimism: Digital currency bitcoin stock hit a record high on March 3, after news of an imminent decision by the U.S. Securities and Exchange Commission on whether it will approve a bitcoin-based ETF. In the last 12 months Bitcoin stock has climbed over 214% and the price for one bitcoin is now worth more an one ounce of gold. No idea what Bitcoin is? You’re not the only one — maybe now is the time to get clued in.
This Week’s Market Trends
IndexCloseWeekYTDDow Jones Industrial Average21,0060.9%6.3%S&P 5002,3830.7%6.4%NASDAQ5,8710.4%9.1%10-yr Treasury Yield2.48%0.17%0.04%Oil ($/bbl)$53.21–1.4%-0.9%Biggest S&P 500 WinnerMonster Beverage Rg48.0813.0%7.3%Biggest S&P 500 LoserFrontier2.87–16.4%-18.6%
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