In today’s recap Marcello talks about the great performance of Tesla’s stocks rallying in the S&P500 and also how Central Banks are growing interest into cryptos.
U.S. based electric car company Tesla stock price surged +8.21% on Tuesday to $441.61 with additional gains early Wednesday. Tesla to become part of the U.S. index S&P 500 on December 21. Shares are up +428% in 2020, on a market cap of $419B. Means more cash on hand for the firm & +$15B more for CEO Elon Musk.
U.S. based pharmaceutical firm Moderna stock surged +9.58% on Monday at $97.95, after announcing that its coronavirus vaccine was 94.5% effective. Shares are up over +400% in 2020, on a market cap of over $35B.
Bitcoin climbed on Wednesday by as much as 4.8%, to $18,480 at a 3-year high, before falling by $1,000 during Asian trading. Bitcoin’s market capitalization recently hit a high of $337B, surpassing a record of $328B set in December 2017. Billionaire investor Mike Novogratz has predicted that the price of Bitcoin will hit $65K.
U.S. home sales increased for a 5th consecutive month in October, but record-high prices for houses & tight inventory will slow momentum. Existing home sales increased 4.3% to a seasonally adjusted annual rate of 6.85M units last month. Data for September was revised up to a rate of 6.57M units, from the previously reported 6.54 million units.
Americans filing 1st-time claims for jobless benefits rose last week, to 742K, as new business restrictions to control spiraling COVID-19 infections resulted in a new wave of layoffs, which will further slow the labor market recovery. At least 20.3M were on unemployment benefits at the end of October, with 12M losing benefits next month.
Chinese government is not happy by US support for Taiwan; Moderna vaccine is 94.4% effective against Covid-19; World stocks edged higher for the week.