Stocks, oil prices gain traction; Bitcoin falters

stocks oil prices traction bitcoin
Gulf
  • Date: 07/20/2021
  • Source: Gulf Today
  • Sector: Oil & Gas
  • Country: Gulf

Stocks, oil prices gain traction; Bitcoin falters

Stocks, oil prices gain traction; Bitcoin falters an hour ago Picture used for illustrative purpose. Global stock markets and prices of oil rose on Tuesday as Bitcoin fell to its lowest in almost a month, slumping below $30,000. Wall Street's main indexes jumped on Tuesday, as economically sensitive stocks staged a comeback after a sharp selloff in the previous session, while International Business Machines (IBM) gained on strong second-quarter results. All the 11 S&P 500 sectors indexes advanced, with energy , financials and industrials rising more than 2% each. The move was a sharp reversal from Monday's trading session where the blue-chip Dow Jones index logged its worst day in nearly nine months on concerns that a surge in Delta variant infections might lead to renewed COVID-19 shutdowns and a protracted economic recovery. "There should be a normal natural pullback in the market. So we needed a trigger and it was the Delta variant, and it made everyone pause," said Eric Diton, president and managing director of the Wealth Alliance in New York. Meanwhile, the second-quarter earnings season began on a strong note, with 91.1% of the 56 S&P 500 companies reporting profits above estimates, as per IBES Refinitiv data.…