The gains mirror broader risk-on optimism, with the Nasdaq 100 Index recovering from a decline Monday that pushed the tech index to a so-called correction level.âWe feel that it is more of a ârisk-on/risk-offâ play,â Matt Maley, chief market strategist at Miller Tabak + Co. said in a note Tuesday.Maley did note, however, that the worldâs largest cryptocurrency held up âquite wellâ throughout the recent Nasdaq correction, adding that this could âhave been due to the fact that the S&P 500 had also held-up quite well.âEven as high-flying bets like Tesla Inc. and the ARK Innovation ETF have cratered recently, Bitcoin prices have been buoyed by news of more institutional adoption, fueling crypto proponentâs argument that big financial players are rushing to gain exposure to the token, while another viewpoint stands that the digital asset is a stimulus-fueled bubble destined to burst like its 2017-2018 boom and bust cycle.Mark Mobius, founder of Mobius Capital Partners made a little-discussed connection between tech stocks and the worldâs largest digital asset on Bloomberg Television Tuesday.âThe relationship between Bitcoin prices and the tech market is very close,â he said. Ultimately, it looks as if the uptrend is ready to continue. Feb 22, 2021 4:15PM EST. Related Quotes. GameStop Inc. (GME) shareholders declared their loyalty in a widely read Reuters article, ready to become the bagholders of a new generation. (Updates with Wednesday trading in fourth paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. The 10-year U.S. Treasury yield slipped from its session highs as data showed core consumer prices index, which excludes volatile items such as food and energy, rose less than expected last month. Technical analysis is also supportive of higher prices, according to a report by Evercore ISI strategist Rich Ross, who said Bitcoin could reach $75,000.âBitcoin and Ethereum bullishness are back as more big-money bets keep flowing into cryptocurrencies,â Edward Moya, senior market analyst at Oanda, wrote in an email. Forexlive Americas FX news wrap: Feds Powell sticks to his story. (Updates with value of funds, date of investor update in second paragraph and information from investor Q&A throughout)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. U.S. Market Wrap and Forecast for Tuesday. "Expectations for near-term inflation to rise is going to remain due to the huge public borrowings, but the tame inflation data that has come today would definitely drive some optimism among investors," said Arthur Weise, chief investment officer at Kingsland Growth Advisors in New York. For a look at all of this weekâs economic events, check out our economic calendar. âAs it relates to refining margins, they should be pretty strong over the next several months, giving a real incentive to produce a lot more gasoline.âThere are already signs that oil demand is recovering. "Chinese business, Out!" Buffett's net worth, as measured by Forbes magazine, comes almost entirely from owning about one-sixth of Berkshire, a roughly $600 billion company. BP's trading arm made nearly $4 billion in 2020, according to a copy of an internal BP presentation seen by Reuters, almost equalling the record trading profit in 2019 despite the collapse in oil demand caused by the pandemic. Ned Lamont on COVID-19 reopening: 'We are not Florida', Instacart Adds Slootman to Board; Signaling It May Go Public, Drug Regulator Backs Astra Shot After Suspensions in Europe, Japan mourns Fukushima victims ten years later, Credit Suisse Freezes $1 Billion of Funds as Scandal Widens, Britain's John Lewis to axe more stores after COVID-19 'earthquake', Try Not To Laugh At These Hilarious Dramatic Cats. âThere are definitely going to be buyers for some Liberty assets.âGupta also bought an aluminum and hydro-power plant in Scotland from Rio Tinto. Gold futures are trading slightly lower on Wednesday shortly below the release of the U.S. Consumer Inflation reports for February that could set the tone until the Federal Reserve meets on March 16-17. The continentâs refinery throughputs will be 15%-20% lower this quarter than they were in the pre-pandemic world of 2019, a bigger deficit than both North America and Asia, according to Wood Mackenzie Ltd.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. General Electric Co on Wednesday reiterated its 2021 forecast and announced a deal to sell its aircraft-leasing business to Ireland's AerCap Holdings NV as part of efforts to pare its debt. Michel Degen, head of asset management in Switzerland and EMEA, is being replaced on an interim basis by Filippo Rima, according to a person with knowledge of the matter. The stock … It posted the decision in an investor update on its website dated March 9.The largest of the additional funds are the $701 million Credit Suisse (Lux) Multi Strategy Bond Fund and the $303 million Credit Suisse (Lux) Multi Strategy Alternative Fund.Their suspension compounds a crisis thatâs forced Credit Suisse to seek outside help to deal with regulatorsâ queries and threatens to saddle the bank with losses from a loan that it made months before the collapse of Greensillâs empire. Long-time laggard SPDR S&P Oil & Gas Exploration & Production ETF (XOP) rallied to a 52-week high, outperforming the broad-based SPDR Select Sector Energy ETF (XLE). Shares rose in Tokyo, Shanghai and Hong Kong but edged lower in Sydney. Warren Buffett's fortune reached $100 billion on Wednesday, as investors drove the stock price for his company Berkshire Hathaway Inc to a record level. Further price gains were tempered by a 13.8-million-barrel increase in crude inventories, with shale drillers boosting output following an unprecedented cold blast in the U.S. South.âBecause of the freeze in Texas, people were expecting a big product draw from refinery shutdowns and a crude build because crude wells have come back online a lot faster,â said Michael Lynch, president of Strategic Energy & Economic Research.
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