American flags hang from the front the New York Stock Exchange, right, on April 11, 2024 in New York. (Peter Morgan / The Associated Press)The Dow was more than 500 points lower by midday, the S&P 500 lost 1.6 percent and the Nasdaq Composite was down by 2.2 percent after a selloff in Big Tech stocks. Trading volume was thin due to the shortened holiday week, magnifying any moves.
Don’t fear: Such dramatic market moves have become something of a Christmas week tradition, as buying and selling can have a dramatic effect on stock indexes with most traders on vacation.Bitcoin’s tremendous late-year rally also fizzled, as traders looked to profit taking. The cryptocurrency plunged to around US$93,900 Friday after topping US$106,000 earlier this month on hopes that President-elect Donald Trump will usher in a crypto-friendly administration when he returns to the White House next month. Treasury yields rose Friday, with the 10-year passing 4.6 percent, potentially pushing some trading out of equities. Looking ahead to 2025, stocks are likely to outperform bonds even after a two-year run of strong performance, said Anthony Valeri, investment management director at California Bank & Trust. “Investors should maintain their equity exposure into the New Year,” he wrote in a note issued Friday. “Stocks are still the best investment to protect against inflation.”The Shopping Trends team is independent of the journalists at CTV News. We may earn a commission when you use our links to sho
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Asian Stocks Tumble After U.S. Market SlumpAsian stock markets experienced declines following a sharp drop in U.S. shares. The Federal Reserve's indication of fewer rate cuts in 2025 than previously anticipated contributed to the U.S. market downturn. While the Fed lowered its key rate as expected, other major central banks, including the Bank of Japan, maintained their current rates. The weaker yen against the dollar raised concerns about inflation in Japan, prompting analysts to predict a possible Bank of Japan rate hike in January.
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Stocks Tumble as Fed Signals Fewer Rate Cuts, Yields SurgeU.S. stocks experienced a sharp decline after the Federal Reserve indicated a reduction in planned interest rate cuts for 2025, prompting concerns about rising Treasury yields. The Fed's revised outlook, which now includes only two rate cuts instead of four, sent shockwaves through the market, leading to a sell-off in stocks and a surge in both yields and the dollar. The decision overshadowed the widely anticipated reduction in the benchmark rate for a third consecutive meeting. The central bank also raised its inflation forecast for next year, potentially paving the way for higher interest rates than previously projected. These developments, coupled with anxieties surrounding President-elect Donald Trump's policies and their potential inflationary impact, have injected uncertainty into the market.
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Bitcoin Price Surge Draws More Capital into Crypto StocksThe increase in Bitcoin's price is attracting more investment into crypto-related stocks, bolstering the cryptocurrency industry's legitimacy. Trading platforms like Interactive Brokers (IBKR) have noticed a surge in interest for stocks linked to mining, blockchain technology, and exchanges.
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Premarket: Euphoria all around as Bitcoin vaults above $100,000, stocks hit record highsMSCI’s world stock index jumps
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US stocks inch higher ahead of Fed; Bitcoin surgesThe Kitco News Team brings you the latest news, videos, analysis and opinions regarding Precious Metals, Crypto, Mining, World Markets and Global Economy.
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