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Bank of America slams 'volatile' and 'impractical' bitcoin

Financial News
Bitcoin s volatility makes it impractical as a store of wealth or payments mechanism
Bitcoin’s exceptional volatility makes it “impractical as a store of wealth or payments mechanism,” the bank s analysts said
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Wednesday March 17, 2021 2:11 pm
Analysts at Bank of America have attacked bitcoin as “exceptionally volatile” and “impractical” in a 17 March research note.
In the note, the analysts said there was “no good reason to own bitcoin unless you see prices going up”.
The analysts said the supply of the cryptocurrency was by design artificially constrained so demand swings are. ....

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GameStop saga has prompted calls for the wrong kind of democracy

Gone are the days when initial public offerings were just as interested in retail investors ....

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Why a Correction Could Be Coming for Stocks

The stock market could experience a correction soon.
Prices already reflect a wallop of government spending and central-bank aid that can’t get much larger from here,
Bank of America
warns. Other market watchers are downbeat as well.
The S&P 500 entered Friday up about 1% year to date, but ended the day with a loss of 0.7%, bringing the year-to-date move to 0.3%. Stocks were down even after President-elect Joe Biden said he wants to spend an additional $1.9 trillion to tide over consumers and businesses until normality returns.
Meanwhile, valuations are high. The equity risk premium the earnings yield on the average ....

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One of Virgin Galactic's Largest Investors Cuts Stake

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Abu Dhabi’s sovereign-wealth fund Mubadala Investment recently sold 3 million shares of Virgin Galactic.
Courtesy of Virgin Galactic
One of
Virgin Galactic Holding’s
largest shareholders, Abu Dhabi sovereign-wealth fund Mubadala Investment, reduced its stake in the aerospace and space-travel company.
Virgin Galactic (ticker: SPCE) stock has rocketed 28.2% so far in January, boosted by buzz for the sector after Cathie Wood’s ARK Invest filed documents to start a new space exchange-traded fund. In comparison, the
S&P 500 index,
a measure of the broader market, has only eked out a 0.3% gain in the new year.
Editor s Choice ....

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Global Markets Push Higher Ahead of Yellen's Senate Testimony

CAC 40
was down 0.3% and Frankfurt’s
DAX
was down 0.2%.
The former Federal Reserve Chair’s testimony, which concluded midafternoon, gave Yellen the opportunity to sell President-elect Joe Biden’s $1.9 trillion fiscal stimulus plan. Yellen emphasized the need to “defeat the pandemic” first before tackling the deficit, and bolster global confidence in the U.S. economy. She also warned that the nation faces “difficult months ahead” before it achieves widespread vaccination.
Yellen confirmed that no tax hikes or repeals of 2017’s legislation are on the table near-term, nor while the country struggles with the pandemic. Yet there was some surprise in the testimony, according to Max Gokhman, Head of Asset Allocation at Pacific Life Fund Advisors, regarding potential future changes. “Yellen said that the details of tax changes may be featured in this year’s infrastructure bill, which she is going to help draft. This could be settin ....

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