Economy

Dow suffers worst Black Friday selloff since 1931

Shoppers typically bear the brunt of Black Friday frenzy while clamoring over discounted holiday merchandise, but concerns over the new COVID variant gave investors and traders a dollop of holiday volatility Friday. The Dow Jones Industrial Index (^DJI) settled down 905 points (2.53%) in its worst post-Thanksgiving Day performance since …

Dow suffers worst Black Friday selloff since 1931 ( more… )

Omicron news triggers bloodbath in crypto market

The world’s number-one digital asset, bitcoin, has entered bear-market territory, having dropped 20% from its all-time high of around $69,000, as fears over the new Omicron coronavirus variant threw global investors into a panic. The price of bitcoin fell below $54,000, marking a daily drop of nearly 8%. The slide …

Omicron news triggers bloodbath in crypto market ( more… )

Federal Reserve Asks Americans to Eat Soy “Meat” for Thanksgiving

By Mike Gleason Welcome to this week’s Market Wrap Podcast. On this special mid-week edition of the Money Metals podcast ahead of the Thanksgiving holiday, we’ll cover the sudden setback in precious metals markets. Metals got hammered on Monday and Tuesday. Gold prices fell back below the $1,800 level and …

Federal Reserve Asks Americans to Eat Soy “Meat” for Thanksgiving ( more… )

U.S. Is Already Exporting Oil From Strategic Reserve at Record Pace

(Bloomberg) — If the Biden Administration decides to tap U.S. emergency crude reserves to push down domestic energy prices, it may not help all that much. The supplies may just be exported away like last month. About 1.6 million barrels of crude from the U.S. Strategic Petroleum Reserve — a …

U.S. Is Already Exporting Oil From Strategic Reserve at Record Pace ( more… )

Bitcoin briefly crashed 87% to about $8,000 on Binance’s US crypto-trading platform

Bitcoin briefly plummeted to about $8,000 on Thursday – but only on the Binance US trading platform. The coin had been trading around $65,000 when Binance US posted a candle that showed the price sank to about $8,000, Cointelegraph first reported, adding that the coin’s one-minute candle floor on other …

Bitcoin briefly crashed 87% to about $8,000 on Binance’s US crypto-trading platform ( more… )