The S&P 500 was down close to 0.7% on Monday as the benchmark U.S. index looks set to close the last day of November in the red.
Despite today’s declines, the S&P 500 nears its best November ever, after vaccine news helped propel the index. In addition, the Dow is on track for its biggest monthly gain in 33 years.
Today’s declines come as the Federal Reserve announced that it is extending emergency liquidity programs for both commercial and other key financial markets through March 31st.
Many now wait to see if there could be more financial aid given to markets and Americans, via government stimulus.
Bitcoin records new high
Close to three years since reaching a high over $19,000, Bitcoin has finally set a new high.
BTCUSD recorded a new all-time high of $19,838 on Monday, shaking off losses toward the end of last week, where prices dropped to lows of $16,151.
Despite this, other coins which include Ethereum, Ripple and Litecoin – are still a long way off their record highs.
Many now believe that BTCUSD could be set for further highs, surpassing the $20,000 level.
Oil prices consolidate as OPEC meets
OPEC began its latest meeting amongst cartel members on Monday, hoping that it could have an impact on oil prices heading into 2021.
The cartel will be meeting for two days, with the aim of setting new supply targets, as curbs set in the summer will expire in the next few weeks,
There have been two main supply curbs this year, where OPEC cut production by 9 and 7 million barrels per day respectively.
This came in response to the COVID-19 outbreak, which rocked demand, however prices have since recovered, with WTI is now steady above $44.
Quote of the day – “The market is in a constant cycle of rediscovery, in which traders employ relative ignorance of the past”Andres Salazar
To stay up to date with the markets we encourage traders to view our Trade Gate Hub for more real time insights into Crude, Gold and many other markets.
Senior Market Analyst