Monday, February 26, 2024

Dow Jones falls for second day in a row… and Bitcoin continues to shine

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Dow Jones falls for second day in a row… and Bitcoin continues to shine

The Dow Jones Industrial Average of US stocks fell for a second day in a row today, Tuesday, after rising strongly in the first days of the last months of the year and heading into the end of the year, with rising investor demand for the riskier asset that allowed the cryptocurrency bitcoin to record… the highest volume since April 2022.

By the end of trading on the second day of the week, the world’s most popular index lost almost 80 points, representing 0.22% of its value at the start of today’s trading, and the S&P 500 index fell 0.06%. The Nasdaq index slipped out of the red zone, rising 0.31%, as investors’ appetite for technology stocks, which dominate the index, increases.

As risk appetite increased, Bitcoin shined today on Tuesday, surpassing the $44,000 per unit level for the first time since April 2022.

The price of the world’s most popular cryptocurrency settled above $44,000 per unit on Tuesday evening, according to Coin Metrics, adding to the previous day’s gains, as reported by Trumpbeat. The first Bitcoin spot trading fund in the US.

During today’s trade, Bitcoin traded as high as $44,903.45, its highest level since April 7, 2022.

In Europe, German stocks hit fresh record highs on Tuesday, driven by gains in the manufacturing and insurance sectors, while data showed that service sector declines in the euro zone’s biggest economy eased in November.

Germany’s DAX index rose 0.8%, supported by gains at Allianz and Daimler Truck Holding. The STOXX 600 index of European shares rose 0.4%.

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The German index has risen 18.7% so far this year, outpacing gains in the broader STOXX 600 index, which was up 10%.

Business activity contracted in November in Germany and across the euro area, but at a slower pace than in the previous month, a survey showed.

Meanwhile, the European Central Bank’s Isabelle Schnabel indicated that raising interest rates was “unlikely” after an unexpectedly large fall in inflation, which led to a sharp fall in bond yields.

Real estate stocks, which are more sensitive to interest rates, were the top sector gainers in Europe, rising 1.8%.

Oil prices fell to a five-month low after Tuesday’s settlement, fueled by doubts surrounding production cuts announced by the OPEC+ alliance last week and fears of falling demand, the strength of the dollar and skepticism.

“The OPEC+ deal did little to support prices, and traders were clearly unaffected by the four-day slide that followed,” Craig Erlam, EMEA analyst at OANDA, told Reuters.

Brent crude futures were down 83 cents, or 1.1%, at $77.20 a barrel, while US West Texas Intermediate crude futures were down 72 cents, or 1%, at $72.32 a barrel.

This was the worst performance by either side in a crude oil price settlement since July 6. For West Texas Intermediate crude, it was the first time since last May that the price has fallen for four consecutive days.

The decline in prices comes despite Russian Deputy Prime Minister Alexander Novak suggesting that OPEC+ is ready to cut oil production further in the first quarter of 2024 if current measures to cut output are not enough.

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Nadia Barnett
Nadia Barnett
"Award-winning beer geek. Extreme coffeeaholic. Introvert. Avid travel specialist. Hipster-friendly communicator."

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