Dow Jones records new high despite tech selloff
The Dow Jones rallied to a new high to start the trading week despite a host of big tech stocks falling on Monday.
Following a disappointing Non-Farm Payrolls report on Friday, many expected all three major U.S. indices to decline, however the Dow Jones was the exception to this early in the day as it set a new high before selling off later in the day.
The surprise high came as the blue chip index rose as energy stocks rose, with the likes of Exxon climbing as much as 2% at today’s open.
Tech stocks however were mainly in the red, with Tesla and Facebook down by 6.44% and 4.11% on Monday.
At the close the Dow Jones was down 0.10%, after hitting an intraday high of 35,091, the S&P 500 was down just over 1% and the tech-heavy NASDAQ fell by 2.55%.
Ethereum hits new milestone
The world’s second largest cryptocurrency was once again on the rise today, recording a new all-time high in the process.
Ethereum prices rose to start the week, climbing as high as $4,195, passing the $4,000 milestone for the first time, before closing at $3,934.
Today’s move comes a week after the cryptocurrency first passed the $3,000 mark, and now looks set for even further gains.
As a result of Monday’s rally, ETHUSD now has a total market value of $454.6 billion, which is just less than half of Bitcoin’s valuation.
Many now wait to see when and not if ETHUSD can hit the $5,000 level.
Oil prices fall after cyber attack
After an initial rally, oil prices traded lower in today’s session after demand worries overshadowed a cyber-attack which affected major U.S. pipelines.
The attack forced the shutdown of major fuel pipelines in the United States, causing supply related issues as a result of the disruption.
Initially, prices of WTI Crude hit an intraday high of $65.75, before falling to a close of $64.88.
The drop came as rising COVID-19 cases in India and across Asia have raised concerns about potential demand for energy.
Quote of the day – “In the short run, the market is a voting machine, but in the long run it is a weighing machine.”– Benjamin Graham
Senior Market Analyst