Friday saw yet another record high in the S&P 500, with the Dow Jones also setting new highs, however this was not today’s headline story.
Cryptocurrencies have been the theme of this week, with Bitcoin and Ethereum both recording new all-time highs, however Dogecoin was this week’s standout performer.
Dogecoin, which started off as a meme coin rose by close to 400% in trading this past week, and is now valued at $40 billion, making it the fourth most traded and valuable cryptocurrency.
The coin, which was endorsed by Elon Musk, was also a beneficiary of Coinbase recently listing on the NASDAQ.
Due to its rapid rise, many investors are labelling this market a bubble, however with such high endorsements, could we see further rallies to come?
FTSE 100 breaks 7,000 points
This week saw the UK economy once again reopen, after four months of shutdowns due to the COVID-19 pandemic.
Since reopening the UK’s main index, the FTSE 100 has gone from strength to strength, climbing to a 13-month high in the process.
The index hit an intraday high of 7,036 in today’s session, which is the highest it has been since before the pandemic began.
Britain’s economy also saw GDP data beat expectations in Q1 despite the lockdown, with the government continuing to support those impacted by the crisis.
As of writing the FTSE 100 was up 0.52%.
Chinese economy grows near 20% in Q1
Data from China today revealed that the economy grew by 18.3% in the first quarter of 2021, in comparison to a year ago.
To the amazement of many, the figures released by China’s National Bureau of Statistics showed that the YoY growth in Q1 was below expectations of a 19% increase.
The pandemic which started in China in Q1 last year, saw the economy grind to a halt, as the government tried to contain the spread of the virus.
Since then, China has been one of the best performing economies around the globe, with retail sales rising 34.2% in March.
Quote of the day – “If you can learn to create a state of mind that is not affected by the market’s behaviour, the struggle will cease to exist.”– Mark Douglas
Senior Market Analyst