The Dow Jones industrial average broke above 23,000 for the first time ever on Tuesday, nearly 53 trading days since the index first closed above 22,000. As investors celebrate the latest in a string of new records, many are wondering which stocks will lead the Dow to 24,000. CNBC compiled […]
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Traders bet on obscure e-commerce stock in speculation over bitcoin’s blockchain technology
Speculation in digital currency bitcoin is apparently spilling over into an obscure e-commerce stock. Shares of Overstock.com surged more than 14 percent Tuesday. The stock has hit four-year highs on mounting excitement around the company’s venture into blockchain, the technology behind bitcoin. “I think the new story for Overstock is […]
Iraq takes oil fields from the Kurds, but the conflict still threatens crude flows
The Iraqi national army swiftly took control of oil fields in disputed territory on Monday and Tuesday, largely avoiding clashes with Kurdish forces, news reports said. Despite the mostly bloodless transfer, analysts warn that oil supplies in OPEC’s second-largest producer are far from secure. The fields came back under federal […]
Bad news for the bulls: There are now more bulls
The Investors Intelligence Bull/Bear ratio has climbed back above 4 for the first time since April 2015 — which ironically may serve as a bad sign for the market. “It does make me nervous, because we’re getting very, very frothy on these social indicators,” trader and strategist Boris Schlossberg of […]
Fund manager Novogratz agrees to advise ethereum-based digital coin exchange
A famed Wall Street investor behind what may become the largest digital assets investment fund is moving deeper into the world of digital coins. Former Fortress hedge fund manager Michael Novogratz agreed on October 4 to join the board of advisors at a new token exchange project. The news has […]
Jamie Dimon is betting big on the technology behind ‘fraud’ bitcoin
The largest U.S. bank is investing in the blockchain technology behind bitcoin, despite its CEO calling the digital currency a “fraud.” In September, JPMorgan Chase Chairman and CEO Jamie Dimon said bitcoin is a “fraud” that “won’t end well.” Dimon added Friday that if people are “stupid enough to buy” […]
Betting on a skyrocketing tech stock ahead of earnings
Despite falling on Monday, PayPal is still hovering near all-time highs, and one trader is betting that the stock will continue to perform well after reporting earnings. The online payments company is set to unveil results on Thursday, and Todd Gordon of TradingAnalysis.com says the charts have looked strong for […]
Biotech, pharma shares drop after Trump says ‘drug prices are out of control’
President Donald Trump is criticizing high drug prices again, sending health-care stocks lower Monday. The iShares Nasdaq Biotech ETF erased its gains for the day after Trump’s comments, which were released around 11:50 a.m. EDT. iShares Nasdaq Biotech ETF intraday chart Source: FactSet Pharmaceutical company shares such as Pfizer, Merck […]
PG&E shares drop again on growing concerns about California wildfires liability
Shares of PG&E dropped nearly 7 percent on Monday as investors fled on worries the giant electric utility company could suffer steep losses if it’s found liable for the northern California wildfires. The stock was also trading at levels not seen since January 2016 and was the worst performer in […]
Oil prices rise toward six-month high as new Iraq conflict threatens output
Oil prices closed in on the highest level in six months as a conflict in Iraq spilled over into one of the nation’s key crude-producing hubs. Iraqi forces on Sunday launched a campaign to retake control of the area surrounding Kirkuk, an ethnically diverse area controlled by the semiautonomous Iraqi […]