As expected, when there's a change of power, stocks have been all over the board this week, and after hitting record levels on Thursday, the major indexes are pulling back a touch heading into the weekend. The record highs now sit at 3,861.45 for the S&P 500, 31,27.22 for the DOW, and 13,560.22 for the NASDAQ.
But despite Friday's weakness, major averages are on pace to post a winning week. The S&P 500 is up +2.2% for the week so far. The DOW is up +0.6%, and the NASDAQ is up +3.8%.
Bitcoin took one on the chin this week, losing over -10% as we head into the weekend. The reason for the sudden selloff? Janet Yellen's comments about Bitcoin this week. She suggested on Tuesday that lawmakers "curtail" the use of cryptocurrencies such as bitcoin over concerns that they are "mainly" used for illegal activities. Continue reading "Stocks Set New Record Highs"