[{"category":{"name":"Trending News","exported_url":"trending-news"},"id":"d56e0a67-0e5b-4b75-adc0-ad9a9a57e562","updated_at":"2023-12-25T08:21:32.380407+00:00","account":{"firstName":"Marigold","lastName":"Vance"},"description":"Wall Street's winning streak continues with positive economic data. The cryptocurrency market also sees notable developments. Stay updated for informed investing.","sapo":"Wall Street wraps up its eighth straight winning week with modest gains. Encouraging economic data and broad market growth paint a positive picture. In the crypto world, the market ends the week on a high note. Get the latest insights to make informed investment decisions.","title":"Top Financial News For The Week Ending December 24, 2023","content":"

Key takeaways:

Positive Week for Wall Street: Wall Street had a positive eighth consecutive week, with slight gains in the S&P 500 and modest changes in the Dow Jones Industrial Average and Nasdaq composite.
Broad-Based Market Gains: Most S&P 500 sectors saw growth, with notable gains in the communication services sector, led by Meta Platforms (META) and Alphabet (GOOG).
Encouraging Economic Data: Economic data indicated a soft landing scenario, with increased income and spending, along with disinflation. Housing starts exceeded expectations, and consumer confidence grew.
Treasury Market Response: Economic data influenced the Treasury market, resulting in lower yields for the 2-year and 10-year notes.Strong Crypto
Market: The cryptocurrency market had a strong week, with increased total capitalization, particularly Bitcoin, Shiba Inu (SHIB), and Bonk gaining attention for their activities and exchange listings.

Top Stock News:

1. Positive End to the Week on Wall Street

Wall Street capped off its eighth consecutive winning week on a positive note. The S&P 500 showed a modest gain of 0.2%, inching closer to its record high set two years ago. Meanwhile, the Dow Jones Industrial Average experienced a slight 0.1% dip, and the Nasdaq composite inched up by 0.2%.

Weekly Market Stats

Weekly market stats. Source: Edward Jones

2. Broad-Based Market Gains

Gains were observed across various sectors, with ten out of the 11 S&P 500 sectors recording growth. The only sector to decline was utilities, slipping by 1.3%. On the other hand, the communication services sector led the way with a remarkable 4.1% gain. Notably, Meta Platforms (META) and Alphabet (GOOG) stood out as standout performers in this sector, surging by 5.5% and 6.6%, respectively.

3. Encouraging Economic Data

The latest economic data pointed towards a scenario of a soft landing. In the November Personal Income and Spending report, real disposable personal income saw a healthy 0.4% increase, real spending rose by 0.3%, and both the PCE and Core PCE Price Indexes, the Fed's preferred inflation gauges, indicated disinflation. Additionally, housing starts for November surpassed expectations, consumer confidence grew in December, and initial jobless claims remained significantly below levels associated with recessions.

4. Impact on Treasury Market

Economic data played a pivotal role in influencing the Treasury market. The 2-year note yield dropped by ten basis points to 4.33%, while the 10-year note yield declined by two basis points to 3.90%.

Top Crypto News:

1. Crypto Market Ends Week on High Note

The cryptocurrency market had a strong week, with its total capitalization increasing by 5.76% ($87.86 billion) to reach $1,613 billion by the week ending December 24, 2023. This marks the ninth weekly gain in the last ten weeks, and December has seen a 16% increase in the crypto market, indicating a four-month winning streak.

2. Bitcoin's Noteworthy Activity

Bitcoin witnessed significant whale activity during the week, including notable sell-offs to major exchanges like Binance and Coinbase. The market sentiment is being influenced by the growing likelihood of Bitcoin spot approval. Interestingly, Bitcoin saw a substantial weekly outflow of 33 million, primarily driven by profit-taking rather than a shift in market sentiment.

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3. Shiba Inu's Positive Momentum

Shiba Inu (SHIB) made substantial advancements during the week, particularly in increasing its burn rate. Shytoshi Kusama, the lead developer of Shiba Inu, highlighted ongoing burning activities and new SHIB listings. These developments have contributed to a more optimistic outlook for SHIB.

4. Terra Community Boosts Confidence

The Terra ecosystem, which includes tokens like LUNA, LUNC, and USTC, experienced influential developments. Founder Do Kwon's legal victory against extradition boosted confidence within the Terra community. Additionally, the community decided to burn all USTC tokens from the pool as a supply-reduction strategy. They also supported a controversial platform designed to revive Terra Luna Classic tokens, showcasing their active involvement in shaping the ecosystem.

5. Bonk's Rise to Prominence

Bonk, a meme coin based on the Solana blockchain, gained substantial attention due to its impressive monthly performance. It became one of the top-trending meme coins during the week, driven by its listing on major cryptocurrency exchanges such as Kraken and WazirX. Despite some weekly price fluctuations, its monthly performance attracted significant interest, highlighting the potential for meme coins within the cryptocurrency space.

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Top Financial News For The Week Ending December 24, 2023

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