In this week’s recap, the US stock markets were mixed, as investor concerns over a new coronavirus strain in the U.K. and the U.S. President Trump called the $892B package a disgrace, demanding changes to the bipartisan legislation approved by Congress, specifically aiming for funding headed overseas, & the reduced direct payments to individuals (just $600) & families. Remains unclear if the items will be enough for him to veto the package. Trump wants $2K to individuals & $4K to couples.
The Russell 2000 index climbed above the 2,000-point mark for the first time on Wednesday, as investors continued to bid up shares in smaller-company stocks, driving it to its 2nd consecutive all-time high. It gained 17.22 points, or +0.9%, to 2,007.10. The index has risen +10.3% this month alone, roughly half of its +20% gain in 2020.
Cryptocurrency XRP fell nearly 25% to just around $0.35 on Wednesday morning. The U.S. SEC is suing Ripple & 2 of its executives over the alleged sale of unregistered securities. Ripple has denied XRP is security & is questioning the lawsuit’s timing.
Kevin O’Leary says Bitcoin is irrelevant to financial markets & at increased risk of regulation, even as the price approaches $25K.
Alibaba under antitrust investigation; China’s financial regulators to meet with Ant Group to implement financial supervision; Parliament of Israel was dissolved again; United & American Airlines will bring back 1000’s of their furloughed workers; the number of claims for unemployment benefits in the US decreases; the detonation of an apparent bomb on the streets of historic downtown Nashville.