In this week’s recap, the global shares fell from record highs on Friday as new data reminded investors of the obstacles facing the economic recovery, slowing the rally provided by the new proposed U.S. stimulus. U.S. stocks ended higher on Tuesday and Wednesday, as each of the 3 major indices reached record intraday & closing highs, on investor hopes of massive new federal stimulus coming soon. However, the U.S. stock ended lower on Friday, after hitting record levels, as shares of blue-chip technology giants Intel & IBM tumbled following their lackluster quarterly results.
The volatility of Bitcoin continues, fell -9% on Friday & was on track for the biggest weekly fall in price since the -12% drop in September. Bitcoin recovered from a sharp fall overnight at around $28K in early Asia trading, to stand at $31,500 in early U.S. trading. Bounced back to near $34K, as big institutional investments buying on the dip, helped to stabilize the price.
U.S. President Biden’s executive order to rescind the permit for TC Energy to build the Keystone XL pipeline becomes the 1st hit to the U.S. economy from the new administration, which will cost 11K Americans their jobs, including 8K union positions, according to the company. It Will cost 1000’s Canadian jobs as well.
Blackrock adds Bitcoin futures among its investments; home construction in the US increased in December; the FAANG group reached a capitalization of $6.15T; Netflix’s business model requiring debt to operate is ending; General Motors shares rise due to Cruise’s partnership with Microsoft; the gap between the ultra-wealthy and other Americans grew due to the pandemic.
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