September 24: Market Summary

China “bans” crypto transactions


Here are today’s market moves:

What Happened?

  • The S&P 500 climbed on Friday for a third straight day to end a wild week of trading.

  • Earlier this week, markets tumbled on fears around a crisis in China’s property market. Those concerns have eased.

  • The Federal Reserve said on Wednesday it will continue its economic support for now, driving stocks higher in recent days.

  • Also driving stocks higher is the fact that market dips have become much less common. Today’s investors are trained to BTD (“buy the dip”), no matter how small.

  • The crypto market fell on Friday, with Bitcoin trading near $43k, after China’s central bank “banned” all crypto transactions.

Catch Up

  1. Twitter is allowing users to get tipped in Bitcoin.

  2. SEC Chair Gary Gensler is expected to publish a report on the GameStop saga in the coming weeks.

  3. The net worth of US households rose to a record $141.7 trillion in the second quarter, up 19.6% from a year ago.

What Else?