Good evening.
Markets rebound, stocks have wiped $10 trillion in 2022, and cryptocurrency Terra Luna tumbles 99.99%.
Let's dive in.
Markets
Here are today's market moves:
What Happened?
U.S. stocks climbed on Friday to end a turbulent week of trading, led higher by tech stocks.
2022 market meltdown. This year’s meltdown has wiped out more than $10 trillion in value from the U.S. stock market.
The market is currently driven by extreme fear, which could mean a short-term bounce is approaching:
Twitter shares fell 10% after Elon Musk tweeted that his deal to buy the social-media company is “temporarily on hold.”
The crypto market climbed on Friday, with Bitcoin trading near $30,000, as cryptocurrencies moved higher with stocks.
Catch Up
$1.8 trillion. The value of cryptocurrencies that has evaporated since the market topped $3 trillion in early November.
Energy giant Saudi Aramco overtook Apple as the most valuable company in the world, with a market cap of $2.43 trillion.
The world’s richest 500 people have lost more than $1 trillion in net worth this year.