U.S. indices rallied to new highs on Tuesday, as markets opened for the first time this week after remaining closed yesterday due to Presidents day.
Both the Dow Jones and benchmark S&P 500 moved higher at the opening bell, as President Joe Biden continued to lobby for support of his $1.9 trillion stimulus bill.
The President was scheduled to travel to Wisconsin on Tuesday for a town hall meeting, where he will press his case for the pandemic relief bill.
Many believe that this is a strategic choice to put pressure on GOP members contesting the bill. This is because Wisconsin was a key political battleground state, which has also been hard hit economically by the pandemic.
As of writing both the Dow and S&P 500 were up marginally after hitting earlier highs.
Bitcoin passes $50,000 valuation
For the second consecutive session, Bitcoin has recorded a new all-time high, this time the Cryptocurrency rallied above $50,000.
The world’s largest Cryptocurrency rallied to an intraday high of $50,600 on Tuesday, a week after it was announced that Tesla had made significant investments on the market.
Tesla, the company founded by Elon Musk joined the likes of Mastercard, and private investors like Paul Tudor Jones in endorsing the Cryptocurrency.
After hitting new heights, BTCUSD fell in trading today, as many traders likely took profits at this level.
BTCUSD was trading at $48,667 as of writing.
China becomes Europe’s biggest trading partner
Today, it was announced that China had overtaken the United States to become the biggest trading partner to the European Union.
China, which was reported as being the first country to be infected with the COVID-19 virus, was also one of the only major economies to grow in 2020.
Data released today showed that EU exports to China rose by 2.2% in 2020, whilst imports rose by 5.6%.
This comes as exports to the U.S. dropped by 8.2% and imports fell by 13.2%.
EURUSD fell to its lowest level since Friday on the news.
Quote of the day – “Trading is very competitive, and you have to be able to handle getting your butt kicked.”Paul Tudor Jones
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Senior Market Analyst