Good evening.
Stocks rise, inflation is at a 13 year high, and Bitcoin is approaching a new record.
Let’s dive in.
Markets
Here are today’s market moves:
What Happened?
U.S. stocks climbed on Wednesday, snapping a three-day losing streak.
A jump in consumer prices in September sent inflation up 5.4% from a year ago, the largest increase in 13 years.
Investors worry that rising inflation will hurt company profit margins as well as consumer confidence. It could also push the Fed to raise rates sooner than expected.
The crypto market gained on Wednesday, with Bitcoin trading just above $57k, as investors say the SEC could approve a bitcoin futures ETF in the coming weeks.
The price of Bitcoin is now just 10% off its all time high set in April.
Catch Up
Billionaires gained $1.8 trillion in wealth in the last year.
Coinbase plans to launch an NFT marketplace by the end of 2021.
The S&P 500 is up nearly 100% since the March 2020 pandemic low.