[{"category":{"name":"Trending News","exported_url":"trending-news"},"id":"2c9181aa-1b08-4d31-ad72-aa19078e4d19","updated_at":"2023-12-04T04:37:54.346724+00:00","account":{"firstName":"Marigold","lastName":"Vance"},"description":"Discover how last week's stock market surge and key economic insights are shaping investment opportunities.","sapo":"Explore the week's top financial news! From soaring stocks and easing inflation to remarkable GDP growth and Bitcoin's surge past $40,000, stay informed. Take action now to seize your financial opportunities in both traditional and crypto markets!","title":"Top Financial News Of The Week Ending December 3, 2023","content":"

Key Takeaways:

Stock Market Surge: The stock market soared, led by the Dow Jones, reaching a two-year high on Salesforce's stellar earnings.
Interest Rate Caution: Federal Reserve Chair Powell cautioned against premature interest-rate cut speculation, stressing the need for a cautious approach.
Crypto Market Surge: Bitcoin broke $40,000, driven by optimism over US interest rate cuts and anticipation of US-stockmarket traded bitcoin fund approval.
Inflation Eases: Inflation decreased with the PCE price index dropping to 3%, calming economic concerns.
Robust GDP Growth: US GDP growth surged to 5.2% in Q3, surpassing expectations and indicating economic resilience.

Top Stock News:

1. Stocks Soared, Ended The Week In Green

The Dow Jones Industrial Average (DJIA), the top performer last week, surged 2.4% to reach its highest close in nearly two years. Salesforce (CRM) played a pivotal role with exceptional earnings that far exceeded analysts' expectations. The S&P 500 (SPX) also climbed by 0.8%, while the Nasdaq Composite (NDAQ) saw gains of 0.4%. These positive stock market moves were fueled by easing inflation and an impressive upward revision in economic growth, influenced by statements from Federal Reserve Chair Jerome Powell regarding interest rates.

Weekly Market Stats

Weekly Market Stats. Source: Edward Jones

2. Inflation and Economic Growth

Government data revealed that the annual headline Personal Consumption Expenditures (PCE) price index increased by 3% in October, down from 3.4% in September and below the consensus estimate of 3.1%. Meanwhile, the Fed's preferred core inflation measure, which excludes food and energy, rose by 3.5%, in line with market expectations and a decrease from the previous month's 3.7%.

3. GDP Growth

US economic growth, as measured by Gross Domestic Product (GDP), was revised upward to a 5.2% increase in the third quarter (Q3), surpassing the initial estimate of a 4.9% gain. This exceeded the 5% increase expected in surveys and marked a significant improvement from the 2.1% GDP growth seen in the second quarter (Q2).

4. Interest Rate Speculation

Federal Reserve Chair Jerome Powell stated that it's premature to speculate on the timing of interest-rate cuts, emphasizing that it's too early to determine if a sufficiently restrictive stance has been achieved or when policy might ease. Powell made these remarks during a speech at Spelman College in Atlanta.

5. OPEC+ Output Cuts

The Organization of the Petroleum Exporting Countries and its allies (OPEC+) agreed to additional voluntary output cuts totaling approximately 2.2 million barrels per day for early 2024, indicating their efforts to manage oil production and supply.

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6. Passing of Charlie Munger

Charlie Munger, the vice-chair of Berkshire Hathaway, passed away at the age of 99 in a California hospital, as announced by the company.

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Top Crypto News:

1. Bitcoin Surges Past $40,000 Amid Positive Sentiment

Bitcoin has broken above $40,000 for the first time this year as it rides a wave of momentum on broad enthusiasm about U.S. interest rate cuts and as traders anticipate the imminent approval of U.S.-stockmarket traded bitcoin funds. The world's biggest currency hit as high as $40,210 in Sunday trade, its highest since April 2022.

2. Settlement Proposed in Genesis and DCG Lawsuit

Bankrupt crypto lender Genesis and its parent company, Digital Currency Group (DCG), have reached an agreement that may bring an end to a lawsuit seeking to recover $620 million from DCG. Under the deal, DCG will repay its outstanding $324.5 million in loans by April 2024, with Genesis retaining the right to pursue any unpaid amounts.

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3. SoFi to Close Crypto Services

SoFi Technologies (SOFI), an online banking and financial services firm, plans to cease its crypto operations by December 19. Customers have been informed that they can transfer their digital assets to the Blockchain.com platform or liquidate them.

4. SEC Lawyers Warned

A federal judge has cautioned SEC attorneys for potentially misleading claims that led to a crypto firm's asset freeze. U.S. District Judge Robert Shelby cited concerns over false arguments about Debt Box's asset transfers, prompting possible sanctions. The SEC had initially sued Debt Box for allegedly selling unregistered securities.

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5. Pando Asset Enters Crowded Field for U.S. Bitcoin ETF

Asset manager Pando Asset recently filed a Form S-1 with the SEC for the Pando Asset Spot Bitcoin Trust, becoming the 13th contender in the race for a spot Bitcoin ETF in the U.S. The trust plans to track Bitcoin's price and will utilize Coinbase's custody services to hold Bitcoin on its behalf, joining other notable applicants like BlackRock and ARK Invest.

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Top Financial News Of The Week Ending December 3, 2023

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