⭐️Bitcoin is less than 9% away from ATH, altcoins are mixed, and the Dow Jones hits a new record
Bitcoin prices have recently risen sharply, reaching their highest level in nearly three months, less than 9% away from their all-time high (ATH), sparking investor optimism. However, large transactions by big whales and significant gains may indicate a bear market, threatening Bitcoin's price outlook. $BTC
● The Dow Jones hit a new closing record high on Thursday (10/17) as strong economic data eased ongoing recession concerns. However, the S&P 500 failed to follow the upward trend despite hitting a new high at the beginning of trading, which was due to the recovery of AI trading.
.At the close of trading on October 17, the Dow Jones rose 0.37% to 43,239 points, thanks to the strong third-quarter results of Travelers, whose stock price rose 9%. The Nasdaq Composite Index rose slightly on Thursday, supported by semiconductor stocks, closing up 0.04% at 18,373 points. The S&P 500 fell 0.02% to 5,841 points.
. Chip stocks led gains in Thursday's trading, but gave up some of their gains before the market closed. Nvidia shares rose 0.9% to a new all-time high as TSMC, one of its major customers, reported strong third-quarter results and raised its fourth-quarter revenue forecast, with TSMC shares soaring 9.8%.
● New economic data released on Thursday also boosted the stock market.
. Specifically, September retail sales data showed that consumer spending remained strong, with monthly spending increasing 0.4%, higher than the Dow Jones forecast of 0.3%. Retail sales excluding autos increased 0.5%, much better than the expected 0.1%. Initial jobless claims for the week ending October 12 were also lower than expected.
●Gold prices hit a new high on Thursday as uncertainty surrounding the U.S. presidential election and the conflict in the Middle East led investors to seek safe-haven assets, while the loose monetary policy environment also supported the rise in gold prices. Spot gold closed up 0.7% at $2,692 an ounce, and gold futures rose 0.6% to $2,707 an ounce.
On the same day, crude oil futures rose slightly after falling for four consecutive trading days as concerns about supply disruptions in the Middle East and concerns about oversupply next year eased. WTI crude oil futures closed up 0.4% at $70.67 a barrel, and Brent crude oil futures rose 0.31% to $74.45 per barrel.
