Market Update - February 14, 2021
Hope all is well. The major U.S. stock indexes all posted gains of more than 1% and set new record highs amid mostly quiet trading. For the S&P 500, Friday produced the index’s tenth record closing price of 2021. I have broken down the news using this week's holidays.
Elon Musk wants Bitcoin to be his Valentine. Bitcoin soared past $47,000, recording a roughly 24% gain for the week. Most of the surge came on Monday after electric vehicle maker Tesla disclosed that it had purchased $1.5 billion worth of bitcoin and will start accepting the cryptocurrency as a payment method for its cars.
On Saturday, the second impeachment trial of our 45th President ended with another acquittal. Now the 46th President and the Congress can get to work on helping the economy get back on track and perhaps we can gradually find common ground on that which divides us.
It was a Fat Tuesday for the NASDAQ. The NASDAQ, which outperformed the other major indexes and on Tuesday eclipsed the 14,000-point level for the first time to set another record high. Since a recent low on October 30, the NASDAQ has risen about 29%.
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