Technology stocks slipped weighed on the U.S. stock market on Monday as investors wondered if Democrats plan to tighten regulation on technology waste.
In addition to the Democrats Joe Biden starting soon as President of the United States, Democrats will also have a majority in the Senate and House of Representatives of Congress.
Stock prices rose sharply last week as investors hoped Congress would revive the U.S. economy ravaged by the interest rate pandemic by a larger amount than Republicans approved.
A U.S. labor market report was released on Friday, showing that jobs fell for the first time in eight months. For example, restaurant workers have had to be laid off due to the corona pandemic and related restrictions.
Turbulence in the market is also brought about by the fact that the House of Representatives of the U.S. Congress requires a vice president Mike Penceä to initiate the process under Appendix 25 of the Constitution by the President Donald Trumpin to be appointed. Investors fear that many other things affecting the market will be overshadowed by these news headlines.
“It seems like 2020 is still going on. We are still in the midst of a pandemic and we continue to talk about US policy even harder than before, ”the chief strategist Luca Paolini finance company Pictet Asset Managementita commented on The Wall Street Journal.
The value of Bitcoin declined sharply
Social media service company Twitter the stock price fell 6.4 percent as investors priced the company’s decision to close Trump’s widely monitored user account.
The value of virtual currency bitcoin declined 18 percent over the weekend to $ 33,500. Bitcoin continued to slip on Monday and the cryptocurrency fell 9.4 percent to about $ 34,200. The drop that continued on Sunday and Monday has been the largest since last May. Last Friday, Bitcoin reached an all-time high of nearly $ 42,000.
The Dow Jones index fell 0.3 percent, the S&P 500 index fell 0.7 percent and the Nasdaq index fell 1.3 percent.
The 10-year interest rate on U.S. government debt was quoted at 1.139 percent after the stock market closed. One euro received $ 1.2154.
Source: Arvopaperi by www.arvopaperi.fi.
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