The Dow Jones Industrial Average on Monday crossed the 35,000 mark for the first time, setting a new high water mark less than six months after it first breached 30,000.
The stock index jumped more than 200 points, or 0.6 percent, in the first hour of trading Monday morning, but in the last hour of trading, it retreated on its gains for the day on falling tech stocks. The 30-company index closed down 33 points, or 0.1 percent.
Other indexes that started the day on more tepid footing also lost ground. The S&P 500 closed down 44 points, or 1 percent below the record it set on Friday, while the tech-heavy Nasdaq index dropped 350 points, or 2.6 percent.
Alabama The Latest State Dropping $300-A-Week Federal Unemployment Benefits forbes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from forbes.com Daily Mail and Mail on Sunday newspapers.
Weekly Focus:
Fed leaves interest rates unchanged, while Chairman Powell says
equity markets are a bit frothy
Paxos becomes third federally regulated crypto bank (&
raises $300 million)
Wyoming DAO law to go into effect in July
DOJ announces arrest of Bitcoin Fog founder who allegedly
laundered $335M in crypto
Turkey bans cryptocurrency payments, sets up central
custodian
South Korea set to tax crypto trading gains
U.S. Developments
Bipartisan crypto bill passes House of
Representatives
Last week, the U.S. House of Representatives passed H.R. 1602, titled Eliminate Barriers to
Innovation Act of 2021. The bill was first introduced
back in March by Representatives Patrick McHenry (R-N.C.) of the
Sunday, May 9, 2021 Judy Shelton Sticks It to The Senate That Didn t Confirm Her Nomination to the Federal Reserve
Judy Shelton
Judy Shelton just scored a bunch of points with me.
Shelton was nominated by President Trump for a position on the Federal Reserve Board. Her nomination failed because of fate and some Trump-hating cronies.
Two senators, who would have voted for her confirmation, had gone into quarantine at the time of the vote because of exposure to COVID-19, Charles Grassley of Iowa and Rick Scott of Florida. And with the super-establishment water carriers Mitt Romney of Utah, Susan Collins of Maine and Lamar Alexander of Tennessee voting against her, she didn t have the votes to gain confirmation. She missed by one vote.
That playbook is very clear about what you need to do when you start to get inflation in a rapidly growing economy: You buy the inflation winners at any price and you dump everything else again, said Cramer, himself a former hedge fund manager.
Some of those stocks are obvious, such as mining company Freeport-McMoRan, as well as steelmakers Cleveland-Cliffs and Nucor, according to Cramer. He said industrial giant Caterpillar is also on the list along with oil companies.
Bank stocks also have become popular despite inflation concerns because this is not a traditional bout of inflation, Cramer explained. Typically, it can cause problems for the financial industry.