The U.S. stock market extended its rally Friday after better than expected jobs data suggested that the impact of a partial government shutdown on the economy was largely overblown. Dow Surges Past Major Milestone All of Wall Street’s major indexes traded higher on Friday, reflecting a mostly upbeat pre-market for U.S. stock futures. The Dow Jones Industrial Average rose 166 points, or 0.7%, to 25,166.17. Shares of Exxon Mobil Corp (XOM) and Visa Inc. (V) led the Dow blue chips higher. The broad S&P 500 Index advanced 0.3% to 2,712.55, with seven of 11 primary sectors contributing to the gains.
Nike posted its quarterly earnings report today, delivering a measure of relief to investors concerned after a somewhat turbulent year for the athletic wear company. After hours trading showed a quick bump and grind in the share price, ending after hours trading (which ends at 8PM ET) on a high note of $ 67.53, after a
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A state-run energy company in Abkhazia is calling for the regulation of cryptocurrency mining activities to avoid the partially recognized republic being plunged into darkness this winter. According to Eurasianet, the cryptocurrency mining farms in Abkhazia, which are mostly located in abandoned Soviet factories, are guzzling a significant amount of electricity. As a result, it
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Bitcoin’s explosive growth is dramatically disrupting the monetary and banking system to such an extent that banking and government authorities are sounding the alarm. In effect, the chief of the U.S. Treasury now fears that Bitcoin will become like a “Swiss Bank Account.”
Bitcoin Defies the Banking System
Bitcoin lets you have your private bank in your electronic wallet. As a result, Bitcoin will eventually render the fiat monetary and banking system obsolete. Hence, U.S. Treasury Secretary Steven Mnuchin’s concerns might be justified. Now, Mnuchin is warning against Bitcoin becoming the next “Swiss bank account.”