Wall Street shows slight recovery ahead of Thanksgiving
US markets will be closed today in observance of the Thanksgiving holiday. Yesterday, Wall Street closed slightly higher, as the SPX500 and NSDQ100 both registered modest gains, while the DJ30 closed nearly flat. While many tech stocks, such as Amazon, Google and Facebook closed higher, Apple finished in the red, despite showing gains earlier in the session.
Today’s highlights: Crypto markets recover after dramatic losses
- Cryptocurrencies seen higher: Following catastrophic losses earlier this week, in which the market reached lows not seen since October of last year, cryptocurrencies showed a slight recovery, as all top 10 cryptos registered gains. At the time of writing, Bitcoin was 1.7% higher, climbing above the $4,500 mark.
- EU to vote on Brexit on Sunday: The 27 remaining members of the European Union will take a vote on Sunday, to decide if they accept British PM Theresa May’s proposed Brexit plan. A positive vote could boost May’s efforts and assist her in thwarting the rising resistance from British politicians she has been facing recently.
- Richemont headed into China: The world’s 2nd-largest retailer of luxury brands has teamed up with Chinese retail giant Alibaba to introduce its business into the Chinese market. For more information, watch this video.
Ongoing: Bitcoin Cash hard fork and trading halt
Last Thursday, the Bitcoin Cash blockchain underwent a scheduled hard fork. Due to an internal dispute in the Bitcoin Cash community, the hard fork resulted in the creation of two cryptocurrencies. The hard fork could cause great liquidity issues, therefore, to protect our clients’ funds, we have halted all BCH trading on eToro. To learn more, check out this blog post, which will be updated with new information as we receive it.