As expected, when there’s a change of power, stocks have been all over the board this week, and after hitting record levels on Thursday, the major indexes are pulling back a touch heading into the weekend. The record highs now sit at 3,861.45 for the S&P 500, 31,27.22 for the DOW, and 13,560.22 for the NASDAQ.
But despite Friday’s weakness, major averages are on pace to post a winning week. The S&P 500 is up +2.2% for the week so far. The DOW is up +0.6%, and the NASDAQ is up +3.8%.
Bitcoin took one on the chin this week, losing over -10% as we head into the weekend. The reason for the sudden selloff? Janet Yellen’s comments about Bitcoin this week. She suggested on Tuesday that lawmakers “curtail” the use of cryptocurrencies such as bitcoin over concerns that they are “mainly” used for illegal activities.
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Since Janet Yellen is being tapped to be President Joe Biden’s nominee for treasury secretary, you could conclude that the Biden administration could be hostile to cryptocurrencies and ramp-up regulation.
From a technical view, Bitcoin has fallen from record highs and fallen below its 20-day moving average, which was acting as support. It’s now testing its 50-day moving average, which will serve as the next support line.
As far as next week goes, it will be a big week of earnings with 107 S&P 500 companies, and 13 of the DOW 30 will report. Big earnings reports could push the stock market to new record highs.