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Stock Market Today: Stocks, Bitcoin Keep Scrambling Over the Wall of Worry
But additional relief might not necessarily be on the way. Sen. Joe Manchin (D-W.Va.) bruised hopes for further stimulus Friday, telling The Washington Post he is "absolutely" opposed to a round of new checks, though he later clarified he would support stimulus targeting people in greater need.
The Dow Jones Industrial Average still managed to top yesterday's record close, gaining 0.2% to 31,097. The S&P 500 (+0.6% to 3,824) and Nasdaq Composite (+1.0% to 13,201) also reached new highs.
Other action in the stock market today:
- The small-cap Russell 2000 took a step down from yesterday's record heights, declining 0.3% to 2,091.
- U.S. crude oil futures notched their fourth gain in a row, jumping 2.4% to settle at $52.03 per barrel.
- Gold futures went in the opposite direction, declining 3.7% to $1,843.20 per ounce.
A Banner Day for Bitcoin
Also setting records Friday (and for the past month, for that matter) was Bitcoin, the digital currency that has once again captured Wall Street's attention.
Bitcoin prices, which nearly reached $20,000 in 2017 before crashing into the $3,000s in 2018, reclaimed their old highs and plenty more near the end of 2020. The asset has more than doubled in less than a month, hitting a peak of $41,962 today before settling in at prices around $39,000. (Bitcoin markets don't close; price taken at 4 p.m. ET.)
Bitcoin, as well as other digital currencies, remain highly speculative assets that only those with strong risk appetites should entertain; risk-averse investors may find themselves more comfortable with large companies profiting from these technologies instead.
However, institutional money and investment analysts alike are coming around to the idea that cryptocurrencies are here to stay.
Our 2021 outlook for Bitcoin can help acquaint you with the space. Learn more about what Bitcoin is, understand why more investors are piling in, and discover where the experts think its price will finish in 2021.
Kyle Woodley was long Bitcoin as of this writing.
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