June 21: Market Summary
Market relief rally
Markets rebound, the S&P 500 remains in a bear market, and Bitcoin is down 70% from its November high.
Let's dive in.
Here are today's market moves:
U.S. stocks climbed on Tuesday after suffering their worst week since March 2020 last week.
The S&P 500 remains in a bear market, down 22% from its January peak:
What's happening: Rising interest rates in 2022 have crushed risky bets across financial markets, from stocks to cryptocurrencies.
Last week, the Federal Reserve announced a 0.75% interest rate hike, the largest increase since 1994.
The crypto market recovered on Tuesday, with Bitcoin trading near $21,000, after a tumultuous holiday weekend.
Bitcoin is down 70% from its all-time high of $69,000 in November.
An anonymous bidder has shelled out a record $19 million for a lunch with billionaire Warren Buffet at a New York City steakhouse.
The risk of a U.S. recession by the first quarter of 2024 has hit 72% as the Fed hikes rates.