The conclusion of the week Oil rises 4% and Bitcoin stops at 55 thousand dollars

The conclusion of the week Oil rises 4% and Bitcoin stops at 55 thousand dollars: Markets moved last week in different directions,

where there are still a lot of influences that change trading each moment.

Evest follows all this in the following report.

Topics:

Oil rose by 4% last week

Bitcoin stopped at 55 thousand dollars

The major Wall Street indices are mixed

Markets are expecting the start of the third-quarter earnings season

Oil rose by 4% last week

Oil prices rose this weekend, with the price of US oil reaching the highest level in almost seven years. Throughout the week, prices rose by about 4%.

The reason is the continued high demand of the largest consumers for the commodity,

while the Organization of Petroleum Exporting Countries (OPEC) and its allies did not pay any attention to the demand for increased production.

At its meeting on Monday, OPEC + (OPEC and other producers led by Russia) decided to continue to increase production according to the plan originally agreed upon.

Meanwhile, the largest importers of oil, including the United States, have demanded a greater increase in production,

as demand for economic recovery from the new coronavirus pandemic increases dramatically.

The price of the North Sea Brent oil mix for December delivery is $82.39 per barrel at the end of Friday’s trading.

Compared to the previous deadline, this is an increase of 44 cents (0.54%). At the beginning of the week, it jumped to the highest level in three years at $83.47 per barrel.

With the November future, the price of US light oil rose markedly.

Trading closed at $79.35 per barrel on Friday, meaning an increase of $1.05 (1.34%) over the previous closing date.

This was the highest deadline since October 31, 2014.

Bitcoin stopped at 55 thousand dollars

The bitcoin currency remained at about $55000

After hitting $56000 for the first time in five months,

Bitcoin has regained a slight bounce and is currently standing around $55000.

Most cryptocurrencies continue in inconclusive movements in both directions, with the exception of Shiba Inu,

which went into attack again with a daily increase of 35%.

Last week showed again how quickly cryptocurrency movements can change in markets.

Bitcoin started October at about $45000 after $4000 was recovered in the days following the late September crash to $41000.

It started to increase in value quickly, and in a few days, it saw a new start at $ 50000.

The leading traders had more give and kept pushing the asset north.

As a result, the price of bitcoin rose to $56000 yesterday, the highest level since mid-May.

However, it failed to continue to rise and fell by more than $2000 in the following hours.

After that, Bitcoin regained nearly $1000 and stands at around $55000.

The major Wall Street indices are mixed

The Standard & Poor’s 500 index ended lower on Friday after data showed weaker job growth than expected in September,

yet investors still expect the Federal Reserve Board to start cutting back on asset buyback this year.

The three major indices on Wall Street were mixed in most of the session before losing power at the end of the session.

The three indices posted weekly gains.

Comcast Corp declined after Wells Fargo lowered its target price for the media company,

while Charter Communications declined after Wells Fargo downgraded the cable operator.

Both companies were among the biggest obstacles to the Standard & Poor’s 500 and Nasdaq.

Real estate and utilities were the worst performers among 11 indices and sectors in the Standard & Poor’s 500, down 1.1% and 0.7% respectively.

The Standard & Poor’s 500 energy sector index jumped 3.1%, as oil prices rising more than 4% during the week, with the global energy crisis driving prices to their highest level since 2014.

Chevron and Exxon Mobile stocks rose by more than 2% and were among the companies that gave Standard & Poor’s the largest rise.

On the other hand, the Labor Department’s Non-Farm Payrolls report showed that the US economy in September

created the lowest number of jobs in nine months as school employment declined and the number of workers in some companies decreased.

The unemployment rate fell to 4.8% from 5.2% in August and average hourly earnings rose by 0.6%, which was higher than expected.

“I think the Federal Reserve Board has made it very clear that it does not need the lead job report for the gradual decline in November,”

“I think the Fed is still on track,” said Kathy Lane, managing director at BK Asset Management in New York.

Futures were priced based on the federal funds rate in a quarter-point tightening by the Federal Reserve by November or December next year.

The Dow Jones industrial index fell by 0.03% to close at 34746.25 points, while the Standard & Poor’s 500 index lost 0.19% to 4391.35.

The Nasdaq composite index fell by 0.51% to 14579.54.

Over the week, Standard & Poor’s rose by 0.8%, the Dow Jones rose by1.2% and the Nasdaq by 0.1%.

Markets are expecting the start of the third-quarter earnings season

The third-quarter reporting season begins next week, with results from JPMorgan Chase and other major banks among the first.

The problems of the global supply chain and labor shortages are of major concern to investors.

Analysts expect US earnings for the third quarter to rise by 30%.

Analysts expect stock earnings for the Standard & Poor’s 500 index for the third quarter to rise on average by about 30%, according to Refinitiv.

Low issues outnumbered advanced ones on the New York Stock Exchange by 1.24 to 1; In Nasdaq, the declining stocks were 1.52 to 1 higher.

Standard & Poor’s recorded a new peak in 52 weeks and 3 new lows; The Nasdaq index recorded 86 new highs and 113 new lows.

Trading on US exchanges was 9.2 billion stocks, compared to an average of 11 billion during the last 20 trading days.

The conclusion of the week Oil rises 4% and Bitcoin stops at 55 thousand dollars

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