scrutiny cryptocurrency grows turns street

#SCRUTINY CRYPTOCURRENCY GROWS TURNS STREET FULL#

Visit Business Insider's homepage for more stories.įacebook's ambitious plan to launch a new cryptocurrency is already facing heavy scrutiny from lawmakers less than a day after being announced, with one senior Democratic politician calling for the project to be put on hold.

Libra aims to be a blockchain-powered global currency that will allow users to send money and make payments around the world.

And European politicians are also raising concerns.

In the US, senior Democratic politicians are calling for careful oversight or for the project to be put on hold completely while they investigate.

Facebook announced plans to create a new cryptocurrency on Tuesday - and the pushback has already begun.

The Dow climbed 701.19 to 33,762.76, and the Nasdaq gained 139.78 to 13,240.77.Account icon An icon in the shape of a person's head and shoulders. Just a couple handfuls of stocks have driven the bulk of the gains for the S&P 500, and critics say that means it may not be as strong as appears.Įven though the S&P 500 is up 11.5 per cent for the year so far, nearly half the stocks in the index have lost ground amid worries about falling profits, still-high inflation and much higher interest rates.Īll told, the S&P 500 rose 61.35 Friday to 4,282.37. Outsized gains for Nvidia and a small group of other stocks have been the main reason the S&P 500 has gotten so close to escaping its bear market, which saw a drop of 25.4 per cent in nine months from early January 2022 into October. Nvidia, whose chips are helping to power the move into AI, has soared 169 per cent this year, for example. It said it is confident it will benefit from the wave of enthusiasm around artificial intelligence that has swept the business world.Ī frenzy around AI has helped the S&P 500 climb to its highest levels since August. MongoDB soared 28 per cent after the database company reported bigger profit than expected.

#SCRUTINY CRYPTOCURRENCY GROWS TURNS STREET FULL#

It also raised its forecast for results over the full year. Lululemon Athletica jumped 11.3 per cent after it reported stronger profit for the latest quarter than expected, crediting accelerating sales trends in China and other factors. The move was widely expected by investors, and the deal moves next to President Joe Biden for his signature. Īlso helping to support Wall Street was the Senate giving final approval late Thursday to a deal that will allow the US government to avoid a potentially disastrous default on its debt.

The two-year Treasury yield, which moves more on expectations for Fed action, jumped to 4.50 per cent from 4.34 per cent. It helps set rates for mortgages and other important loans. The yield on the 10-year Treasury climbed to 3.69 per cent from 3.60 per cent late Thursday. Traders are increasingly expecting the Fed to follow up a June pause with a July hike to interest rates, according to data from CME Group. īut Fed officials have also warned recently that a pause in rate hikes in June would not necessarily mean the end to hikes. PacWest Bancorp leaped 14.1 per cent, for example, to trim its loss for the year to 66.6 per cent. Several under the heaviest scrutiny rallied following the jobs report. Several high-profile bank failures since March have shaken the market, leading Wall Street to hunt for other possible weak links. Higher rates have also hurt many smaller and mid-sized banks, in part because customers have pulled deposits in search of higher interest at money-market funds.

A pause in rate hikes would offer some breathing room for an economy that has already seen manufacturing contract sharply for months.

Scrutiny cryptocurrency grows turns street