Friends
The crypto currency world experienced some dramatic moves today and the stock market seemed to be swept up in the drama. We’ve wondered if disruptions in crypto, given how large the crypto universe has become, would cause disruptions in other markets. It appears that there might be contagion. We got more earnings numbers as both Target and TJX had great reports, but just like yesterday the share prices went in different directions. Now, both crypto currencies and stocks bounced nicely off of the morning lows, so perhaps we saw a bit of a flush today. We shall see.
By the close, the Dow Jones Industrial Average was down 163 points to finish the day at 33,897. The S&P 500 was down 12 points to close at 4,115. The Nasdaq Composite Index was down 3 points to close at 13,299. Gold was up $2 to trade at $1,870 per ounce, while oil was down $2.07 to trade at $63.42 per barrel WTI.
As mentioned the Crypto world has gotten large and it is susceptible to news flashes like tweets from Elon Musk or headlines from China cracking down on it. So, it’s a player in the overall scheme of things and traders have to be aware even if they are not involved directly in the crypto markets. Let’s see if today’s modest recovery continues into tomorrow, or are the bears gaining more control of the situation.
Have a nice evening everyone.
