Wall Street had another volatile day on Tuesday, falling nearly 2 percent before bouncing back later in the session. Tech stocks continued to struggle.
Stocks have fallen recently as inflation expectations in the US have risen and bond yields raise concerns that the Federal Reserve will tighten monetary policy sooner than expected, turning simple money policies on its head used to strengthen the US Shares contributed during the pandemic.
Central bank policymakers have announced that they will look beyond short-term inflation spikes and continue to support the economy, a message reiterated to the Senate Banking Committee Tuesday by Jerome H. Powell, chairman of the central bank.
Stocks
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The S&P 500 ended a little higher on Tuesday, breaking a week-long losing streak. The tech-heavy Nasdaq composite fell half a percent.
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Tesla stock fell as much as 9 percent before rebounding after falling 9 percent on Monday as Bitcoin prices fell as well. Over the weekend, Elon Musk tweeted that the prices for Bitcoin and Ether, the two largest cryptocurrencies, “appear high”. A few weeks ago, the electric car maker announced it had bought $ 1.5 billion worth of Bitcoin, which skyrocketed prices for both.
Europe
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The Stoxx 600 Europe fell 0.4 percent.
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The UK unemployment rate rose to 5.1 percent in the three months to December, 1.4 percentage points more than a year earlier, official statistics showed on Tuesday. The loss of jobs has fallen particularly sharply for young people: the number of employees in companies fell by 726,000 in the past year, almost three fifths of these employees were under 25 years of age.
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