Nasdaq ends at new record as Dow retreats
NEW YORK (AFP) - The Nasdaq finished at a fresh record on Friday (Nov 19) on a mixed day for US stocks as markets weighed the risk of economic weakness due to another Covid-19 wave. The tech-focused index notched its first close above 16,000 points, extending a trend in recent days of outperforming the broader market. "What the tech gains could be showing is the reemergence of growth concerns," said Briefing.com analyst Patrick O'Hare, alluding to the latest Covid-19 restrictions in Europe. Austria announced a national lockdown of at least 20 days in response to rising coronavirus infections, while more German states cancelled Christmas markets due to the latest wave of the virus. The Nasdaq jumped 0.4 per cent to 16,057.44, ending at its second straight record and up 1.2 per cent for the week. The Dow Jones Industrial Average dropped 0.8 per cent to 35,601.98, while the broad-based S&P 500 shed 0.1 per cent to 4,697.96. O'Hare said the muted session likely also reflects hesitancy ahead of President Joe Biden's announcement on whether to renominate Federal Reserve Chair Jerome Powell for a second four-year. Investors largely shrugged off House passage of Biden's US$1.8 trillion (S$...
US regulator awards whistle-blower record $269m payout over benchmark rigging case
WASHINGTON (REUTERS) - A US regulator on Thursday (Oct 21) doled out a record reward of nearly US$200 million (S$269.4 million) to a whistle-blower who had provided information for a case involving the rigging of crucial financial benchmarks, according to the agency and a law firm involved in the award. The United States Commodity Futures Trading Commission (CFTC) announced the award in a statement on Thursday, but did not identify the recipient or disclose details about the case or the precise amount. Law firm Kirby McInerney said in a statement that its client scored the record bounty after providing extensive information and documents in 2012 that "catalysed" investigations by the CFTC and a foreign regulator into benchmark manipulation. An attorney for the law firm did not respond to requests for further comment or provide further details. Over the past decade, the authorities globally have levied multibillion-dollar fines and pursued criminal charges against banks and traders for banding together to rig global benchmarks, most notoriously the London Interbank Offered Rate (Libor). US lawmakers recently passed legislation to keep the CFTC's whistle-blower programme afloat. The ...
Bitcoin jumps to record high above US$66,000 in crypto’s ‘validating moment’
NEW YORK (BLOOMBERG) - Bitcoin rallied to a record, topping US$66,000 for the first time on Wednesday (Oct 20), as optimism surged for greater mainstream acceptance in the wake of a successful launch of an inaugural exchange-traded fund (ETF) for US investors. While the historically volatile digital currency spent recent days hovering in a narrow range as it approached its previous April high, the vault past the threshold happened much faster. The price added more than a thousand dollars in a minute just after the open of stock exchanges in the United States. Big moves tied to significant chart levels have been a common phenomenon in the little more than a decade history of cryptocurrency trading. "It's a validating moment," said Mr Jesse Proudman, co-founder and chief executive at Makara, a crypto advisory firm. "It's no longer a question of does this asset class continue to exist - I think that's a really meaningful mark in the history of the broader digital asset class." Demand for the ProShares Bitcoin Strategy ETF continued to surge, with more than 29 million shares changing hands on Wednesday, or more than during the fund's almost record-breaking debut. That is equal to more ...
PM Lee and residents set new jigsaw puzzle record
SINGAPORE - Some Covid-19 restrictions may not have been lifted, but that did not stop the residents of Ang Mo Kio-Hougang ward from completing a mega jigsaw puzzle, with safe distancing measures in place. On Saturday (Sept 4), the 4.8m by 2m puzzle, depicting the constituency map and iconic locations there, set a new record for a jigsaw puzzle completed by the most number of people. Over a period of 11 days, from Aug 21 to 31, residents and members of the public made their way to Ci Yuan Community Club at staggered times to put up a piece each. On Saturday, Prime Minister Lee Hsien Loong, who is an MP for Ang Mo Kio GRC, put up the final pieces, alongside children who are beneficiaries of the Bag to School initiative, which contributes school essentials to the children. A total of 1,716 people put up pieces of the jigsaw puzzle. This pips the previous record of 1,498 people in the Singapore Book of Records.
Record-breaker Rovanpera takes his first win driving Toyota Yaris WRC
TOKYO, Jul 19, 2021 - (JCN Newswire via SEAPRWire.com) - Kalle Rovanpera has become the youngest driver to ever win a round of the FIA World Rally Championship after he and co-driver Jonne Halttunen secured victory on Rally Estonia: the fifth win in a row for the TOYOTA GAZOO Racing World Rally Team.At 20 years and 290 days, Rovanpera claims the record that was previosuly held by the man who is now his Team Principal, Jari-Matti Latvala (who was just over two years older when he won Rally Sweden in 2008).Rovanpera led after all but two of the event's 24 stages, held over some of the fastest roads in rallying. He took six out of eight stage wins on Friday in a close battle with his nearest rival, who he then pulled away from during Saturday with some stunning stage times.He went into the final day with a lead of 50.7 seconds, which he ultimately extended to almost one minute - 59.9 seconds to be precise - with an expertly-controlled drive through the last six stages.The team's fifth consecutive win (and sixth from seven rounds so far this year) is the longest-ever WRC winning streak achieved by Toyota in its proud rallying history.All three of the team's cars finished inside the top...
S&P 500 ends choppy session at fresh record
NEW YORK (AFP) - The S&P 500 finished at a fresh record on Friday (June 11), concluding a choppy session on an upbeat note as investors weighed consumer confidence and inflation data. A report released on Friday from the University of Michigan showed a rise in consumer confidence as the widespread availability of Covid-19 vaccines brought shoppers back to stores. "Looking ahead, we expect consumers will be more upbeat as the economy continues reopening and employment conditions heal further," said a note from Oxford Economics. "Current pandemic-related supply constraints will steadily ease, supporting a healthier laboor market and easing price pressures as economic dynamics normalise." Data released on Thursday showed the inflation rate at its highest level in 13 years, but the S&P 500 still finished the day's trading at a record as the market seemed to conclude the May data represented a peak for inflation. The Dow Jones Industrial edged up less than 0.1 per cent to 34,479.60. The broad-based S&P 500 added 0.2 per cent at 4,247.44, a second straight record, while the tech-rich Nasdaq Composite Index gained 0.4 per cent to 14,069.42. For the week, the Dow finished with modest losse...
Ether extends gains to fresh record above US$3,400
SINGAPORE (REUTERS) - Cryptocurrency ether extended gains to another record peak on Tuesday (May 4), after breaking above US$3,000 (S$3,988) for the first time a day earlier as investors bet on its growing utility. Early in Asia trade it traded as high as US$3,457.64 on the bitstamp exchange, for a session rise of about 17 per cent. Traders have attributed the gains - which amount to some 365 per cent for the year to date - to a catch up on bitcoin's late 2020 leap and as upgrades to the ethereum blockchain make it more useful. The ether/bitcoin cross rate stood at its highest in more than two-and-a-half years on Tuesday while bitcoin was steady at US$57,295. More on this topic Related Story Move over bitcoin, ether rockets to record high Related Story Digital dollar to rival bitcoin?
Dow retreats from record despite strong consumer data
NEW YORK (AFP) - Wall Street stocks pulled back on Tuesday (March 30), with the Dow retreating from a record, despite strong consumer confidence data as US Treasury yields continued to climb. The Conference Board's index of consumer confidence jumped to 109.7 in March, up from 90.4 in February, in its best reading since the start of the coronavirus pandemic. The survey pointed to improved sentiment on business conditions and employment prospects in the wake of passage of President Joe Biden's US$1.9 trillion (S$2.5 trillion) economic relief package and as the White House discusses plans for a big new package on infrastructure spending. But the yield on the 10-year US Treasury bond continued to climb, amplifying worries of higher inflation that could spur aggressive policy changes by the Federal Reserve. The Dow Jones Industrial Average dropped 0.3 per cent to 33,066.96. The broad-based S&P 500 fell 0.3 per cent to 3,958.55, while the tech-rich Nasdaq composite Index slipped 0.1 per cent to 13,045.39. Despite the declines, the indices finished well above their session highs. "The markets appeared to take a wait-and-see approach as tomorrow is expected to bring some much anticipated ...
S&P 500 and Dow end session at record highs
NEW YORK (REUTERS) - The S&P 500 and Dow Jones Industrial Average closed at a record highs on Monday (March 15), as investors eyed an economic recovery from the coronavirus and awaited cues from the Federal Reserve this week amid caution over rising borrowing costs. In a concrete sign that the worst of the damage from the coronavirus pandemic may be over for the airline industry, Delta Air Lines, Southwest Airlines and JetBlue Airways said leisure bookings were rising. Gains in the major indexes accelerated near the end of the trading session. The S&P 1500 airlines index jumped over 4% to a one-year high, while other travel-related stocks, including Carnival Corp, Wynn Resorts and MGM Resorts jumped between 2% and 5%. Nine of the 11 major S&P sector indexes rose, led by utilities and real estate, each up more than 1%. It was the Dow's sixth straight record high close in a recent surge fuelled by mass vaccinations and congressional approval of a $1.9 trillion aid Bill. Expectations of a recovery accelerated demand for stocks expected to outperform as the economy reopens, such as banks, energy, materials companies. On Monday, the Russell growth index outperformed the Russell value in...
Nasdaq ends sharply lower after comments from Fed chairman Jerome Powell
NEW YORK (REUTERS) - Wall Street ended sharply lower on Thursday (March 4), leaving the Nasdaq down nearly 10 per cent from its February record high, after remarks from Federal Reserve chairman Jerome Powell disappointed investors worried about rising longer-term US bond yields. A decline of 10 per cent from its February record high would confirm the Nasdaq is in a correction. The benchmark 10-year Treasury yield spiked to 1.533 per cent after Powell's comments, which did not point to changes in the Fed's asset purchases to tackle the recent jump in yields. It still held below last week's one-year high of 1.614 per cent. Some investors had expected the Fed might step up purchases of long-term bonds, helping push down long-term interest rates. "The market has been worried about the rise in long-term interest rates and the Fed chairman in his commentary didn't really push back towards this increase in rates and the market took it as a signal that yields could rise further, which is what has happened," said Scott Brown, chief economist at Raymond James in Florida. In a day of heavy trading on Wall Street, the Nasdaq wiped out all of its year-to-date gains and ended down 9.7 per cent f...
Bitcoin approaches US$50,000 as wider adoption fuels record rally
TORONTO (REUTERS) - Bitcoin hit a new record high and approached US$50,000 (S$66,276) on Sunday (Feb 14), building on its record rally as Wall Street and Main Street increasingly adopt the world's biggest cryptocurrency. Bitcoin recently stood at US$48,700 on Sunday morning, up more than 3 per cent. It had traded as high as US$49,714 earlier in the day. The cryptocurrency is up almost 70 per cent year to date. After long being shunned by traditional financial firms, bitcoin and other virtual currencies appear to be increasingly entering the mainstream as an asset and routine payment vehicle. BNY Mellon said last week it formed a new unit to help clients hold, transfer and issue digital assets, just days after Elon Musk's Tesla revealed it had bought US$1.5 billion worth of the cryptocurrency and would soon accept it as a form of payment for its cars. On Friday, Canada's Ontario Securities Commission approved the launch of Purpose Bitcoin ETF, Toronto-based asset management company Purpose Investments Inc said in a statement. The OSC confirmed it had cleared the launch of the world's first bitcoin exchange-traded fund, in a separate statement to Reuters. "The institutional side and ...
US stocks mixed after dovish Fed chairman comments
NEW YORK (AFP) - Wall Street stocks finished mixed on Wednesday (Feb 10), with the Dow at a record following dovish remarks from the Federal Reserve chairman regarding inflation and monetary policy. Fed chairman Jerome Powell said the United States remains "very far" from a strong labour market, signalling no foreseeable change in the central bank's easy-money policies. Powell also repeatedly expressed scepticism about a rise in inflation, which some economists said could come if the US government approves another massive stimulus measure. His remarks came after consumer data released earlier on Wednesday showed tepid price increases. The Dow Jones Industrial Average gained 0.2 per cent to 31,437.74, narrowly eclipsing Monday's record after a choppy session. The broad-based S&P 500 dropped by a hair to 3,909.88, while the tech-rich Nasdaq Composite Index fell 0.3 per cent to 13,972.53, snapping a four-day streak of records. After all three major indices closed at records on Monday, equities have meandered the last two sessions. Investors remain generally upbeat on expectations for more US stimulus spending and the economic bounce from coronavirus vaccines. Among individual companie...
Nasdaq edges to record, extending rally
NEW YORK (AFP) - The Nasdaq edged to a fresh record again on Tuesday (Feb 9), extending a bull run for markets buoyed by rising hopes for fiscal stimulus and expectations of a strong economic rebound. Investors remained optimistic about additional government spending and President Joe Biden met with the CEOs of JPMorgan Chase, Walmart and other companies to build support for his US$1.9 trillion (S$2.5 trillion) rescue plan. The Dow Jones Industrial Average was essentially flat, dipping less than 0.1 per cent to end at 31,375.83, retreating slightly from an all-time high set Monday. The broad-based S&P 500 slipped 0.1 per cent to 3,911.23, also sinking just below Monday's record. But the tech-rich Nasdaq Composite Index gained 0.1 per cent to 14,007.70, ending at a record for the fourth straight day. Besides stimulus expectations, the market also has been boosted by progress on coronavirus vaccines that have raised hopes for earnings growth in 2021 and beyond. "Indeed the good times are rolling in the capital markets, which are acting as if they have more money than they know what to do with, so they just keep doing what's been working: putting money to work in risk assets," said Br...
Dogecoin soars to record high as Elon Musk fires off new tweet
NEW YORK (BLOOMBERG) - Dogecoin rose to all-time high on Sunday (Feb 7) as Tesla co-founder Elon Musk tweeted "Who let the Doge out" amid the rally. The Shiba Inu-themed digital coin surpassed 8 cents for the first time, just a week after crashing to 2.5 cents and sparking an outcry on Reddit. It rose 53 per cent in the last 24 hours to 8.2 cents as of 5:45pm in New York on Sunday, according to CoinMarketCap data, breezing through its recent record of 7.8 cents posted in late January. It now has a market value of US$10 billion (S$13.3 billion), making it the 8th-biggest cryptocurrency. The price recovered over the past week after Mr Musk returned from his self-imposed Twitter break to send a series of tweets promoting Dogecoin. Started as a joke in 2013, Dogecoin has been riding a wave of newfound popularity on social media, powered by the speculative frenzy of retail investors. Bitcoin has also rallied this week, topping a record of US$40,000, before paring gains. More on this topic Related Story Elon Musk at it again, sending Shopify shares up with Twitter blast Related Story GameStop market value soars past $13 billion after Elon Musk tweet