Stocks Drop With Stimulus on Hold as Banks Tumble: Markets Wrap

(Bloomberg) — Stocks fell on speculation that their recent rally has outpaced prospects for a quick end to the stalemate over fresh economic stimulus. Treasuries and the dollar climbed.



A pedestrian wearing a protective face mask is reflected in an electronic stock board outside a securities firm in Tokyo, Japan, on Thursday, Sept. 17, 2020. Japanese stocks were set for their fourth straight weekly gain, the longest winning streak since November, as investors moved back in following this week’s central bank rate decisions at home and in the U.S.


© Bloomberg
A pedestrian wearing a protective face mask is reflected in an electronic stock board outside a securities firm in Tokyo, Japan, on Thursday, Sept. 17, 2020. Japanese stocks were set for their fourth straight weekly gain, the longest winning streak since November, as investors moved back in following this week’s central bank rate decisions at home and in the U.S.

Banks led losses in the S&P 500, with JPMorgan Chase & Co. and Citigroup Inc. sinking as investors worried that third-quarter results signaled just a pause in pain from soured loans. Johnson & Johnson slumped after temporarily halting its late-stage study of a coronavirus vaccine while Eli Lilly & Co. plunged as its trial of an antibody treatment for

Read More
Read More

Stocks Drop With Stimulus on Hold as Banks Slump: Markets Wrap

(Bloomberg) — Stocks fell on speculation that a rally to a six-week high has outpaced prospects for a quick end to the stalemate over economic stimulus. Treasuries and the dollar climbed.



A pedestrian wearing a protective face mask is reflected in an electronic stock board outside a securities firm in Tokyo, Japan, on Thursday, Sept. 17, 2020. Japanese stocks were set for their fourth straight weekly gain, the longest winning streak since November, as investors moved back in following this week’s central bank rate decisions at home and in the U.S.


© Bloomberg
A pedestrian wearing a protective face mask is reflected in an electronic stock board outside a securities firm in Tokyo, Japan, on Thursday, Sept. 17, 2020. Japanese stocks were set for their fourth straight weekly gain, the longest winning streak since November, as investors moved back in following this week’s central bank rate decisions at home and in the U.S.

Banks led losses in the S&P 500 after JPMorgan Chase & Co. said its surprisingly-good reserve release didn’t reflect a better view of the economy and Citigroup Inc. reported a jump in costs. Tech shares outperformed as Amazon.com Inc. and Apple Inc. hold key events. Delta Air Lines Inc. tumbled as a decision to delay $5 billion

Read More
Read More

Market Wrap: Bitcoin Surges on Square News to $10.9K; December Ether Options Pile Up

CoinDesk 20 Bitcoin Price Index

Bitcoin is flashing green as Square converts some of its cash to crypto while ether options traders are making lots of bets for December expiration.

  • Bitcoin (BTC) trading around $10,890 as of 20:00 UTC (4 p.m. ET). Gaining 2.1% over the previous 24 hours.
  • Bitcoin’s 24-hour range: $10,532-$10,962
  • BTC above its 10-day and 50-day moving averages, a bullish signal for market technicians.

Bitcoin’s price popped Thursday, led higher almost immediately following the announcement that payments firm Square had invested $50 million to purchase 4,709 BTC. The development pushed the price per 1 BTC to as high as $10,962 before settling to $10,890 as of press time. 

Read More: Square Puts 1% of Total Assets in Bitcoin in Surprise $50M Investment

Related: The Market Reacts to Square’s $50M Bitcoin Buy

“News that Jack Dorsey’s Square has purchased about $50 million worth of bitcoin is a definite positive that appears to have

Read More
Read More

Stocks Climb, Led by Big Tech; Crude Oil Declines: Markets Wrap

(Bloomberg) — U.S. stocks advanced, led by gains in the biggest technology companies, as investors weighed the chances Democratic lawmakers and the White House will reach a deal for a fiscal-stimulus package. Oil tumbled on concern the market may be oversupplied.

The Nasdaq 100 headed for its biggest gain in a month as Amazon.com, Microsoft and Tesla advanced. The S&P 500 Index’s advance was limited by declines in energy producers. Trading was volatile, with stocks pushed around by the latest developments tied to efforts to forge a stimulus bill acceptable to Democrats and Republicans. Talks were set to continue Thursday as officials sought a breakthrough.

European stocks closed slightly higher. Gold advanced, while Treasuries held steady. Oil tumbled to about $39 a barrel on concern about oversupply amid sluggish economic growth.



Dollar gauge posts worst quarter in more than three years


© Bloomberg
Dollar gauge posts worst quarter in more than three years

U.S. stock markets have been whipsawed this

Read More
Read More