S&P makes fifth consecutive day of gains

20 Oct 2021

📈 SPX | 4,520 (+33, +0.7%)
📈 DJIA | 35,457 (+199, +0.6%)
📈 CCMP | 15,129 (+107, +0.7%)

🎯 The S&P500 is now within sight of its previous all-time high. Cryptocurrency-linked stocks rose thanks to Bitcoin rising to record levels, while consumer staple stocks such as Procter & Gamble Co. (-1.2%) fell over stated concerns of higher commodity and shipping costs.

🤔 By comparison, Microstrategy Inc (-1.7%) fell yesterday, as the launch of a Bitcoin futures ETF has somewhat started the process of invalidating the need to invest in companies holding Bitcoin as a vehicle for cryptocurrency investment.

🏦 Federal Reserve officials have been careful to mention that interest rate increases are still “some time off”, likely to better keep markets calm. Fed officials have dissented against Mr Powell fewer times (11) than Fed Chairs across the past 40 years (2nd lowest is Mr Bernanke at 15), likely lowering the risk of market volatility.