The Magazine for Asian Investors
The bitcoin price rose 0.11% today (August 4) to $22,907.48.
Bitcoin’s morning rally came after the Dow ended Wednesday’s session up 416 points, as investors shed concerns following a visit to Taiwan by House Speaker Nancy Pelosi. There was no military confrontation between China and the US.
The publication of strong U.S. economic data also had a positive impact on trading.
- The Dow Jones Industrial Average rose 416.33 points, or 1.29%, to close at 32,812.50 points.
- The S&P 500 rose 63.98 points, or 1.56%, to close at 4,155.17.
- The Nasdaq rose 319.40 points, or 2.59%, to close at 12,668.16.
Markets were also buoyed by comments from James Bullard, president of the Federal Reserve (Fed) St. Louis Branch, who expressed confidence that the U.S. economy can avoid a recession even if the Fed continues to raise interest rates.
The Institute for Supply Management (ISM) reported that its services index rose to 56.7 in July after a three-month decline.
The index for the U.S. services sector was driven by an increase in new orders and jobs.
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Thursday, August 4, 2022