Stock Market rallies ended up higher led by tech giants as Powell affirms no inflation

Investors are now back to tech stocks after Fed Chief Powell reiterated that inflation isn't happening in the near future because they have confirmation from central banks that it will be held off.
SHEUNG WAN, Hong Kong - April 9, 2021 - PRLog -- Everyone has been anticipating inflation as part of the economic recovery and because of this, tech stocks had been on a thorny path for the past few days.

Thursday session opened higher after Powell's speech Wednesday evening, resulting to a massive tech rally led by Alphabet (GOOGL), Facebook (FB), and Microsoft (MSFT) which all hit new ATH. NASDAQ outperformed and closed to its highest since February, while S&P 500 reached a new all-time peak. The Dow also closed higher with its quiet movements in the market.

Futures for the 3 all edged higher with all the positive news coming in. Inflation will be held back as much as possible, economic recovery is underway, and COVID-19 vaccine rollout going smoothly. Here's a quick view of all the major changes in the market as of Thursday, April 8:
  • NASDAQ Composite Index jumped 1.03% or 140.47 points ending at 13,829, which is its highest close in almost 3 months
  • S&P 500 Index increased by 0.42% or 17.22 points reaching an all-time record of 4,097 at market close
  • The Dow Jones Industrial Average up by 0.17% or 57.31 points closing 33,504
  • Gold plummeted 0.42% or 7.25 points, closing at $1,736.92 an ounce
  • Silver slightly dropped 0.03% or 0.01 Points at $25.01 an ounce
  • The U.S. 10-year Treasury Note bumped up by 0.016 basis points at 1.645%
  • The U.S. 30-year Treasury Bond went up by 0.019 basis points closing 2.328%
  • WTI Crude slipped 0.18% and at $59.49 a barrel
  • Stoxx Europe 600 outperforms gaining 0.58% or 2.54 points and now at 436.86
  • MSCI Asia Pacific hit it big with 1.79% gains at 445.29
Bitcoin is currently upward indicating a positive trend with the distribution of the stimulus cheques for the ongoing pandemic. Last March, Morgan Stanley announced that they would flagship the use of bitcoins in banks, and a similar move was made by Goldman Sachs later on.

These are the 5 main cryptocurrencies and their current value in the market:
  • Bitcoin (BTC) - $57,927.55
  • Etherium (ETH) - $2,075.91
  • Ripple (XPR) - $1.02
  • Bitcoin Cash (BCH) - $636.66
  • LiteCoin (LTC) - $224.16
For more latest news in US Stock Market and Crypto Currency you may also visit us at Invest Consulting Group Limited through our website or contact us via email.

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