October 7: Market Summary
U.S. avoids default (for now)
Stocks climb, U.S. avoids default (for now), and rents are surging nationwide.
Let’s dive in.
Here are today’s market moves:
Stocks climbed on Thursday as fears of the U.S. defaulting on its debt abated.
Democrats reached a deal with Republicans to extend the debt ceiling until December, averting a government default.
Despite a volatile start to the month, the S&P 500 is up 2.14% so far in October.
The September jobs report is set to be released tomorrow. Fed Chair Powell said that “a reasonably good report” would make him feel it was time to start tapering.
The crypto market fell slightly on Thursday, with bitcoin trading near $54k, as prices stabilize after bitcoin surged 8% yesterday. Analysts expect continued upside throughout Q4.
Global debt to hit 260% of GDP by year end.
Around 85% of bitcoin in circulation has not moved in the last 90 days.
Rents are up 9.6% nationwide in 2021, and rental activity is back to pre-pandemic levels.