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The Dow Soared 200 Points as Congress Negotiated a Temporary Deal to Avoid Government Shutdown, Bitcoin Price Drop
Summary: The Dow Jones industrial average soared more than 200 points on Tuesday as congressional negotiators announced a tentative deal to avoid a second partial federal government shutdown. Bitcoin price, on the other hand, dropped as the cryptocurrency market failed to maintain last week's gains. Dow Surges 200 Points The Dow Jones industrial average surged ...
The Dow Jones industrial average soared more than 200 points on Tuesday as congressional negotiators announced a tentative deal to avoid a second partial federal government shutdown. Bitcoin price, on the other hand, dropped as the cryptocurrency market failed to maintain last week's gains.
Dow Surges 200 Points
The Dow Jones industrial average surged 200 points, or 0.8%, led by Goldman Sachs and JP Morgan Chase, through Tuesday. The S&P 500 gained 0.7% and NASDAQ climbed 0.8% as the energy and financial sectors outperformed the broader market, signaling a good day for U.S. stocks.
On Monday night, congressional negotiators reached an agreement in principle that would keep the government open and avoid a shutdown on Friday, according to CNBC. However, the deal drafted did not include funds for President Trump's border wall.
The U.S. government were shut down for 35 days until January 25, which made the longest shutdown on record, as Trump and congressional leaders could not be able to reach an agreement on funding for a U.S.- Mexico border wall.
Meanwhile, U.S.-China trade talks are underway as the two countries try to finalize an agreement by an early march deadline. According to Bloomberg, some analysts believe the most likely scenario is a delay in the trade deadline.
Nicholas Colas, co-founder of DataTrek Research, said: "If that trade agreement is wishy-washy or fails to materialize, then investors will assume a global recession is inevitable."
Bitcoin Prices Struggle to Maintain Interim Support
On the cryptocurrency front, last Friday's rally excited bulls, but has now started to retreat. According to Bitpush data, Bitcoin (BTC) is currently trading at $3,640, dropped 0.46% on the day. Mati Greenspan, senior market analyst at eToro, said bitcoin could fall below its interim support level.
In fact, other major cryptocurrencies also saw slight to moderate declines. BNB was the worst performer among the top 10 cryptocurrencies, falling 4.4% on the day and now trading at $9.07, according to Bitpush data. Only one top-10 crypto token advanced against the US dollar was EOS, which climbed 2.14% in 24 hours to $2.83.
Image: pexels.com
Author: Max Li
Tags: Bitcoin,BNB,border wall,BTC,Cryptocurrency,Dow Jones,EOS,ETH,Ethereum,Global Economy,Market,Nasdaq,standard & poor,trade negotiation,U.S. stock market
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