Stocks fall for a 3rd day; bitcoin sinks after a wild ride

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Wall Street racked up more losses Wednesday as the stock market pulled back for the third straight day. The broad sell-off went beyond stocks, with the price of bitcoin and other cryptocurrencies falling sharply.

Some of us are hoping that a year of remote work will lead to greater job flexibility. Others can’t wait to get out of the house.

Bitcoin’s price fell 10.8% to $38,723, well below its all-time high of over $64,800 reached a month ago, according to the crypto news site Coindesk. It swung in a huge range of as low as $30,202 and as high as $43,621 over the course of the day. Investors continue to be focused on whether rising inflation will be only temporary. Prices are rising for such items as gasoline and food as the economy recovers from its more than yearlong malaise.The Federal Reserve expects that rising inflation will be temporary and related to the recovering economy, but investors are still uncertain and have been more cautious.

 

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