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SP 500 looking to reach a new high as jobless claims lower

New S&P 500 high as Jobless claims fall – 7th January

As Trump supporters took to Capitol Hill yesterday to contest the U.S. Presidential results, many would have expected markets to fall Thursday, however this was not the case.

Stock indices rose despite the riots, with the benchmark S&P 500 passing the 3,800 level, rising 1.40% and setting a new high in the process.

This comes as Initial Jobless Claims fell last week, coming in at 787,000 for compared to 790,000 in the week prior. Many analysts had forecasted that claims would come in at 800,000 applications.

As of writing the NASDAQ and Dow Jones were up 2.40% and 0.76% respectively.

Tesla rise makes Elon Musk world’s richest

It was reported today that Elon Musk has surpassed Jeff Bezos as the richest person on earth.

Shares in Tesla were up 6.25% as of writing, lifting Musk’s net worth close to $185 billion.

To put things in perspective, the Tesla founder saw his net worth listed at $27 billion at the start of 2020. However, with Tesla stock being one of the biggest winners of what was an otherwise dismal year, the tech founder now sits on top of the rich list.

The company’s market value has grown to $737.6 billion

Bitcoin sets new high above $40,000

Another day, another Bitcoin story, this time the digital currency set a new milestone by surpassing the $40,000 threshold.

Shortly after reaching this milestone, prices of the cryptocurrency fell, with many traders likely seeing this as a point in which to take profit.

Many have predicted that prices of “digital gold” will continue to rise as the world seeks shelter from traditional financial investments, however many bears still remain, and could look to take advantage of the current market optimism.

Today’s move sees BTCUSD doubling its value in just over 4 weeks.

Quote of the day – “Bulls make money, bears make money, pigs get slaughtered.”

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Eliman Dambell

Senior Market Analyst
edambell@tvmarkets.com

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