On Thursday, global stocks rose after optimism about a compromise regarding the US debt limit in order to avoid a federal default lifted sentiment.
Wall Street saw overnight gains in Asian and European stocks.
After Wednesday's surge, Bitcoin traded around $55,000 and is still trading at that level.
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After progress in talks regarding the US debt ceiling, global stocks rose Thursday. Bitcoin traded at close to $55,000 for five months.
Futures on Dow Jones rose 0.4% while those on S&P 500 rose 0.6%, and the Nasdaq rose 1% at 4:40 a.m. ET suggests a stronger start in trading later in the day.
After Senate Minority Leader Mitch McConnell stated that he would be willing to extend the debt ceiling until December, both parties made progress Wednesday. This was to avoid financial disasters.
According to Deutsche Bank strategists, this means that President Joe Biden would be able finish his fiscal spending package of between $1.9 trillion and $2 trillion and include a further increase in the borrowing limit to one large reconciliation package at year's end.
Jeffrey Halley, OANDA's senior market analyst, stated that the announcement of a 2-month kicks-the-can down the road offer was sufficient for desperate buyers-the-dippers, to reverse course and bring US equities back into positive territory.
The September private US job growth was 568,000, which is well above the forecasts. This suggests that the US labor market is on the right track to recovery. Investors will next be watching Friday's non-farm payrolls in the United States, which should give some insight into the direction of Federal Reserve monetary policies. Economists expect a printing of 500,000 jobs, compared to August's figure that was only 235,000.
After Wall Street gains, Asian equity markets rose and tech stocks stabilized following a volatile week.
Mainland China is still closed through Friday. The benchmark index of Hong Kong rose 3% following reports that the government intends to build 900,000. Tokyo's Nikkei, meanwhile, rose 0.5%.
European indices rose on the backs of US stocks making a comeback after their lows. London's FTSE 100 gained 0.7%. The Euro Stoxx 50 gained 1.3%, while Frankfurt's DAX rose 1.2%.
After President Vladimir Putin, Russian leaders, offered to stabilize Europe's gas market and indicated that Ukraine could supply more natural gas. Natural gas prices dropped 4%.
Natural gas prices fell across all commodities with Brent crude falling 1.7% to $79.70 a barrel and West Texas Intermediate dropping 2.3% to $75.58 per barrel. These drops came after a surprising increase in US energy stocks that day.
Bitcoin traded at $54,599 on Wednesday. It was up from $55,000 Wednesday. This was driven by positive developments such as Gary Gensler, Chairman of the SEC, declaring that they have no plans to ban cryptocurrency.
Bitcoin's rally of 34% this week has seen it reclaim $1 trillion in market capital for the first-time since May 10.
It took approximately 10 years to reach a one-trillion-dollar valuation. Ron Levy (CEO and co-founder at The Crypto Company), said that it took less than a year to get from one trillion dollars to two trillion. Many have decided it is time to invest in this space if they have an investment portfolio. This is especially true as the older generation sees the younger generation making investments that show consistent growth.
Read more: Goldman Sachs believes these 40 stocks offer high upside for the Q3 earnings season. Two of them could almost double their value.
