Global Markets: Stocks inch higher; Bitcoin dips after hitting record

By Caroline Valetkevitch NEW YORK (Reuters) - U.S. stocks were mostly higher on Friday as investors awaited progress towards more U.S

Reuters February 13, 2021 00:06:09 IST
Global Markets: Stocks inch higher; Bitcoin dips after hitting record

Global Markets Stocks inch higher Bitcoin dips after hitting record

By Caroline Valetkevitch

NEW YORK (Reuters) - U.S. stocks were mostly higher on Friday as investors awaited progress towards more U.S. fiscal stimulus and the dollar gained after several days of losses, while cryptocurrency Bitcoin eased after hitting a record high.

MSCI's gauge of stocks across the globe was on track to post gains for a 10th straight session.

U.S. President Joe Biden will meet with a bipartisan group of mayors and governors on Friday as he continues to push for approval of a $1.9-trillion coronavirus relief plan to bolster economic growth and help millions of unemployed workers.

Indexes have held near record highs as investors bet on more government spending.

"There seems to be a pause in the negotiations for the stimulus so that kind of takes a lot of air out of the room," said Kim Forrest, chief investment officer at Bokeh Capital Partners in Pittsburgh.

U.S. stock markets will be closed on Monday because of the Presidents Day holiday.

The Dow Jones Industrial Average fell 2.31 points, or 0.01%, to 31,428.39, the S&P 500 gained 7.88 points, or 0.20%, to 3,924.26 and the Nasdaq Composite added 28.38 points, or 0.2%, to 14,054.15.

The pan-European STOXX 600 index rose 0.64% and MSCI's gauge of stocks across the globe gained 0.25%.

Bitcoin, meanwhile, was down 0.8% on the day at $47,613, after hitting a record high of $49,000. It was on track for gains of roughly 20% in a milestone week marked by the endorsement of major firms such as Elon Musk's Tesla.

The dollar index fell 0.01%, with the euro down 0.02% to $1.2126.

U.S. Treasury yields rose and inflation expectations jumped to their highest levels since 2014 after the U.S. Treasury Department on Thursday saw weak demand for new 30-year bonds.

The Treasury saw soft demand for $27 billion in 30-year bonds, its final sale of $126 billion in coupon-bearing supply this week.

Benchmark 10-year notes last fell 9/32 in price to yield 1.1882%, from 1.158% late on Thursday.

Oil prices were higher, helped by the hopes for a U.S. stimulus bill.

Spot gold dropped 0.1% to $1,823.96 an ounce.

(Additional reporting by Medha Singh in Bengaluru and Ritvik Carvalho; Editing by Nick Zieminski)

This story has not been edited by Firstpost staff and is generated by auto-feed.

Updated Date:

TAGS:

Subscribe to Moneycontrol Pro at ₹499 for the first year. Use code PRO499. Limited period offer. *T&C apply

also read

Thyssenkrupp ends talks with UK's Liberty on steel unit sale
Business

Thyssenkrupp ends talks with UK's Liberty on steel unit sale

By Christoph Steitz, Tom Käckenhoff and Arno Schuetze FRANKFURT (Reuters) - German conglomerate Thyssenkrupp ended talks to sell its steel division to Britain's Liberty Steel due to differences over value, the latest setback in efforts to consolidate the European sector. Liberty Steel, led by commodities tycoon Sanjeev Gupta, last month submitted a firmed-up non-binding bid for Thyssenkrupp's steel unit, Europe's second biggest in terms of sales, which sources said included commitments to protect jobs and sites.

Factbox: Stonks in Washington: Deciphering Reddit's WallStreetBets lingo
Business

Factbox: Stonks in Washington: Deciphering Reddit's WallStreetBets lingo

(Reuters) - Reddit trading lingo may filter in to Washington on Thursday when top hedge fund managers, the head of Robinhood and Roaring Kitty himself are set to give testimony before U.S. House of Representatives lawmakers.

Brent gives up gains after rising above $65 on Texas freeze
Business

Brent gives up gains after rising above $65 on Texas freeze

By Stephanie Kelly NEW YORK (Reuters) - Oil prices steadied on Thursday, with Brent edging back from a 13-month high, after a sharp drop in U.S. crude inventories supported prices, while buying spurred by a cold snap in the largest U.S. energy-producing state petered out.