Good evening.
Stocks close higher, fear is driving the market, and Bitcoin reclaims $1 trillion market cap.
Let’s dive in.
Markets
Here are today’s market moves:
What Happened?
U.S. stocks managed to close higher on Wednesday after tumbling earlier in the day.
Despite rallying, the market seems to be driven by fear right now:
Senate GOP leader McConnell offered a short-term debt ceiling extension, helping the S&P 500 rebound after being down more than 1%.
President Biden warned that an American default would “lead to self-inflicted wounds that risk the market tanking and wiping out retirement savings and costing jobs.”
The crypto market surged on Wednesday, with Bitcoin trading above $55k, as a group of large buyers, also known as “whales,” placed bitcoin buying orders of nearly $1.6 billion.
Catch Up
Bitcoin climbs to highest level since May, reclaims $1 trillion market cap.
Americans are paying the most for gas in seven years.
Donald Trump didn’t make the Forbes 400 list of America’s wealthiest people for the first time in 25 years.