The stock in the United States market looks tired Stocks closed mixed for a second day after investors grew pessimistic about the market’s ability to keep its rally going.
The Dow Jones industrial average rose 9 points Friday. It had been up as much as 68 after European leaders announced a plan to help Greece with its debts. A similar advance and retreat occurred Thursday.
There wasn’t a clear reason for stocks’ retrenchment Friday. But analysts said the market does need a break from a climb that has now gone on for two months with few interruptions. The Dow has advanced 17 of the last 21 days.
“The market is extremely vulnerable to a pullback,” said Christian Bendixen, director of technical research at Bay Crest Partners in New York.
Even with the mixed finish Friday, major stock indexes still managed to rise for a fourth straight week.
The early gain in stocks came after the European Union and International Monetary Fund created a bailout programme that will help Greece and other European nations facing rising debt. The deal reached late Thursday will not make money immediately available to Greece, but instead act more as a safety net.
“It reinforces there will be a rescue and support for Greece,” said Oliver Pursche, executive vice president at Gary Goldberg Financial Services. “It lays the groundwork for future rescue packages.”
Investors have worried that mounting debt problems in places like Greece, Portugal and Spain would spread to other countries and hamper a global economic rebound.
The reassurance that Greece will get aid, if necessary, helped the euro rise against the dollar. The euro hit 10-month lows during the week.
But the gains faded as traders became uneasy after the extended string of advances, which have come on light volume. When trading volume is weak, investors often worry that only a small number of buyers are driving the market higher.
“Investors may be trigger-happy to lock in gains at any sign of selling,” said Michael Sheldon, chief market strategist at RDM Financial Group.
The Dow rose 9.15, or 0.1 percent, to 10,850.36. The Standard & Poor’s 500 index rose 0.86, or 0.1 percent, to 1,166.59, while the Nasdaq composite index fell 2.28, or 0.1 percent, to 2,395.13.
For the week, the Dow is up 1 percent. It hasn’t risen for four straight weeks since August.
The S&P 500 index rose 0.6 percent and the Nasdaq gained 0.9 percent.
Bond prices rose, pushing down yields. Weak demand at the government’s latest auctions for Treasury notes sent prices tumbling and interest rates sharply higher during the week.
The yield on the benchmark 10-year Treasury note fell to 3.85 percent from 3.89 percent late Thursday. The 10-year note is often used as a benchmark for interest rates on consumer loans.
The coming week is a short one for investors. Markets will be closed for Good Friday. But there will be plenty of economic data to digest, including consumer confidence figures on Tuesday and a manufacturing report on Thursday. The government will release its March employment report on Friday, but investors will have to wait till Monday to trade on the news.
Investors brushed aside Friday’s final update to the gross domestic product report that showed the U.S. economy grew at a 5.6 percent pace in the fourth quarter, just below the 5.9 percent forecast by economists polled by Thomson Reuters.
Much of the growth was tied to a surge in spending from government stimulus measures and manufacturing as businesses restocked exceptionally low inventories. Those gains are seen as temporary, so GDP likely has slowed sharply in the first quarter.
Consumer spending also remains weak and has not been able to replace the slack from a slowdown in government measures. Consumers are cautious because unemployment remains high, analysts say.
The Reuters/University of Michigan consumer sentiment index for March was revised to 73.6 from a previous estimate of 72.5. The revised number was better than the 73 reading economists had forecast, but only even with February’s figure.
Daniel Egan, president of the Massachusetts Credit Union League, said the sentiment reading is likely to remain in its current range until there are signs of jobs growth.
Consumers are “frozen” right now because they are still unsure about their jobs, Egan said. The updated GDP report showed consumer spending was even slower at the end of 2009 than previously estimated.
High unemployment has made consumers cautious, which has been reflected in mixed consumer confidence surveys in recent months. The Labor Department’s employment report next Friday is expected to show that employers added jobs in March for only the second month since the recession began in December 2007.
Economists predict employers added 168,000 jobs in March after shedding 36,000 in February.
Advancing stocks narrowly outpaced those that rose on the New York Stock Exchange, where consolidated volume came to 4.7 billion shares, compared with 5.7 billion Thursday.
The Russell 2000 index of smaller companies fell 0.13, or less than 0.1 percent, to 678.97.
Overseas, Britain’s FTSE 100 fell 0.4 percent, Germany’s DAX index dropped 0.2 percent, and France’s CAC-40 fell 0.3 percent. Japan’s Nikkei stock average rose 1.6 percent.
The Dow Jones industrial average closed the week up 108.38 points, or 1 percent, at 10,850.36. The Standard & Poor’s 500 index rose 6.69, or 0.6 percent, to 1,166.59. The Nasdaq composite index rose 20.72, or 0.9 percent, to 2,395.13.
The Russell 2000 index, which tracks the performance of small company stocks, rose 5.08, or 0.8 percent, for the week to 678.97.
The Dow Jones U.S. Total Stock Market Index — which measures nearly all U.S.-based companies — ended at 12,003.94, up 70.27, or 0.6 percent.
Cryptocurrency Trading Platforms
Investing in cryptocurrency is threatening at the start because of frequent scam news. There are no doubt scams occur, and they will continue, but you need to choose cryptocurrency trading platforms wisely. Keeping security and long-term reliability as a concern, the following platforms are best for you.
Binance exchange is an altcoin trading platform founded in 2017. It offers more than 100 trading pairs between different cryptocurrencies. It also offers some fiat pairs only between cryptocurrencies. Binance deducts lower fees than other platforms up to 0.1% for both maker and taker. The fee reduces trade volume over the platform up to 0.02%. Besides these, if you want to trade through Binance, you need to learn more about it to make good of it.
Gemini is the most popular cryptocurrency trading platform because of its security and transparency. As scams and hacking activities are very common these days, Gemini aims to provide its users will secure, reliable, scalable platforms to save their assets. Moreover, Gemini’s new user can win the reward of 10$ on depositing 100$ in his account.
BlockFi is a crypto trading platform that comes with the most interesting feature of lending to earn interest in your holdings. Alongside coin trading, you can borrow depending upon your assets. If you hold your tokens, you can win interest for holding them. BlockFi also rewards its users with different offers from time to time.
Kraken is one of the most prominent global cryptocurrency platforms with a wider range of selected tokens and coins. It also facilitates you with margins, but you need to learn before starting your career here. Unfortunately, Kraken offers limited coins or tokens to US users, unlike internationals.
Robinhood is an emerging crypto trading platform in the world. It has just bitcoins and ethers but aims to expand quickly. No doubt, it has some limitations, but it is free of cost trading costs. It can be the best option for you if you are new to the crypto world.
Coinbase is a prominent cryptocurrency platform in the US founded in 2012, just a few years after the Bitcoin release. It is a licensed exchange covering over 40 states of America. It is a very easy-to-use platform with higher liquidity and a wider choice of altcoins. It charges a higher fee than other platforms up to 2.99$ concerning Dollar values.
eToro started from Europe but now expanding to the united states as well. It offers a wider range of digital assets to trade. Most importantly, it provides a practice account that helps its user to understand the platform before investing.
Bitcoin IRA is a different crypto trading platform from others. In many exchanges and digital wallets, you exchange currencies and earn a profit, but you have to pay platform tax. Bitcoin IA is the best crypto wallet where your profit is in your account, and there is no tax deduction.
There are many cryptocurrency trading platforms in existence, but you need to explore them before investing. Choose a secure, stable, and reliable platform to protect your digital assets.
Why the UK’s Exit from the EU could Represent a Golden Opportunity for Nigeria
Following Boris Johnson’s dominant election victory in December, it appears the UK is edging ever closer to Brexit. One of Johnson’s key campaign promises was to deliver on the results of the referendum in 2016 and allow the nation to “move on” from the chaos that has dominated British politics for more than three years.
Following his election victory, Johnson promised: “We can start a new chapter in the history of our country, in which we come together and move forward united, unleashing the enormous potential of the British people.”
He added that he wanted to make the 2020s a decade of prosperity and opportunity, but where does that leave the UK’s relationship with its other trade partners, and is there an opportunity for Britain to strengthen its ties with Nigeria?
The two nations have a long trade history and the latest data places Nigeria among the largest markets for UK exports. Although, at this moment, there is no existing trade deal between the UK and Nigeria, aside from World Trade Organisation ties and the UK’s status as a ‘most favoured nation’.
Their most favoured nation status means the UK enjoys the lowest tariffs, the fewest trade barriers and the highest import quotas, but could the ties to Nigeria become stronger in the fall-out of Brexit, and against the backdrop of the US-China trade war?
This economic conflict between the world’s biggest markets poses a threat to Nigeria, as Africa’s top oil producer, due to the tariffs being levelled by the two countries on the other’s imports.
Speaking in 2019, Muda Yusuf of the Lagos Chamber of Commerce explained: “The US and China are the two biggest economies in the world, so if they are having issues with respect to trade, it will affect the global economy, it will slow down growth and when we have a slowdown in growth, it will invariably affect commodity prices.
“So, we are likely to see a drop in crude oil price and it will affect Nigeria because we are heavily dependent on oil.”
The recent easing of the trade war between the nations could offer some respite, but could the UK’s severing of trade ties with EU member states offers an opportunity for stronger trading connections with Nigeria?
In May of last year, the UK’s then-Foreign Secretary, Jeremy Hunt, confirmed that Britain would aim to deepen its insurance sector ties to Nigeria through the introduction of Naira-dominated instruments in London’s financial markets.
This is great news for the global strength of the Naira, which has dropped in value against the British Pound by around half since the turn of the century. And the explosion in popularity of forex trading online means that these markets are now being evaluated and discussed more than ever.
The list of forex brokers operating online is growing globally, and Nigeria is no exception to that trend. As a result, more and more citizens are paying attention to the nation’s trade links – and paying closer attention to the Brexit picture unfolding thousands of miles away.
The two countries’ commercial relationship is already underpinned by more than £6.1bn worth of annual trade. UK brands remain in very high demand throughout Nigeria, especially luxury items, while Nigeria’s low-income tax rates make the nation an exciting prospect for British investors.
And as the nation edges ever closer to finally leaving the EU, we could see those ambitions of greater investment finally realized, but the UK isn’t the only country paying closer attention to Nigeria and recognizing its trade potential.
If their trade war with China continues to cool, the USA could further develop its presence in Nigeria beyond its present investment, which was placed at $5.6bn in 2018, and increase its activities to support SMEs in the country.
President Donald Trump emphasised America’s friendship with Nigeria on the occasion of the 59th independence anniversary last year, describing the nation as “our strongest partners in Africa”.
He also affirmed that Vice President Mike Pence and Nigerian Vice President Yemi Osinbajo were working together to build on the two countries’ “long-standing history of co-operation”. Indeed, the pair came together last June to discuss trade reforms, among other topics.
But the slowdown caused by the tensions with China is bad news for countries that are trade partners of the two economic superpowers, and Nigeria’s hopes of capitalizing on additional investment from America, and potentially reducing its debt profile of N26trn, could be dashed.
This perhaps makes the UK a much safer bet for future growth, and Prime Minister Johnson will undoubtedly be eager to promote trade discussions with new partners following his nation’s exit from the EU.
But it falls on Nigeria to make the most of this opportunity, as there will be many other nations seeking to make inroads, and capitalize on the UK’s desire to strengthen its international trade links outside of Europe.
Smart tips for Dealing with Debt Effectively
Whether big or little, you have to deal with your debt to make sure it doesn’t get out of control. Living with denial as a money borrower will not only increase your money woes but anxiety as well. Getting out of debt is one of the vital steps to reach your personal or business-related financial goals. You are not alone if you are in debt but paying it off as soon as possible is the only way to save money for a happy living. Everyone who gets rid of the debt often combines different strategies and tactics for dealing with debt.
In this article, there are some smart tips for businesses and individuals deal with debt.
How Much You Owe
In order to pay all your debts off, you need to know the exact owed amount. Make a list of all your debts with essential details like the name of the creditor, interest rate, amount of the debt, due date, and monthly payments to be made, etc. in an organized manner. It will allow you to see the bigger and clear picture of your debts. Whether you want to get rid of existing debts for better credit scores or further in need of a loan to manage financial needs, getting all the debt details at a place lets you create a debt repayment plan accordingly.
Pay Your Bills on Time
Late payments or forgetting to pay bills can make it harder to pay your debts off. Missing two or more payments in a sequence increases the finance charges and interest rate as well. That is the reason, be careful about monthly bill payments and always be on time to pay. For this purpose, you can schedule monthly payments by using a money management app or any other fintech solution. Setting reminders and alarms is another best way to stay on top of all monthly payments. In this way, you are not only able to make monthly payments on time but your credit scores increase also.
Pay more than the Minimum
Making payments more than the minimum is one of the smart tips for dealing with debt. If you are using a debt repayment plan and have monthly payment figures on hand, you should try to pay more than the figures you have. It will not only help you save many bucks on the lower interest rate but will also boost the debt repayment process incredibly. However, be sure to check with the creditor to ensure that they don’t charge any prepayments.
Give a Try to Debt Snowball
If you cannot pay more than the minimum towards monthly payments, then you can opt for a debt snowball method to speed up the debt repayment. It requires you to list the debts from a smaller amount to bigger. Then, throw your money towards the smallest amounts first and move towards the bigger one. Over time, small payments will disappear soon one by one and will help you move towards the bigger amounts to get rid of all your debts in a short span of time.
Sell Unnecessary Things
When you are struggling with debts and want some extra money to pay them off quickly, selling the unnecessary things around can gather a handsome amount of bucks that you can use to pay the debt off. Take a look around and find out the things that are useless for you and you can live without. Visit the market and sell these things to collect money that can go towards loan repayment. There are so many online places where you can sell used items on good rates. You can also hold a yard sale on Facebook to find good customers for things around.
Identify Spending Habits and Make Changes
According to experts, retail therapy is one of the best ways to deal with debt stress and to get rid of debts quickly. When we are overwhelmed, we are more likely to spend on things to feel better but these can relieve stress in the short term and can end up with financial pitfalls. It is the place where we need to identify spending habits and prevent mindless spending to save money for debt payment. Think about the things that you can live without and stop spending on those. Also, find the financial areas where you can cut down to build funds for quick debt repayment. If you are comfortable with a standard car, then sale out your luxury car and send the extra money towards loan repayment.
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