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Dow Jones Futures and S&P 500 see compact gains on first Monday after Superbowl

Febin Jose

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Dow Jones Futures and S&P 500 see compact gains on first Monday after Superbowl
Source: Pixabay

The Monday after the Superbowl saw Dow Jones continue its bull run, which has been supporting the prices since the beginning of the month. Tech stocks played a crucial role in pumping the prices up as investors anticipate key corporate earnings.

Dow Jones Industrial Average

Source: Trading View

Source: Trading View

The Dow Jones Industrial Average [DJI] surged by 0.7 percent from 25,064 and climbed 175.48 points to 25,239. Since January 3, the index has seen consistent growth from 22,686 and has not seen any considerable low. The bullish momentum on Monday was fuelled by the strong performance by Microsoft and Apple.

S&P 500

Source: Trading View

Source: Trading View

The S&P 500 [SPX] also continued its upward movement and rallied from 2,706 to 2,724, running hand in hand with the hike in the tech stocks. The 0.68 percent gain resonated movement of DJI and Nasdaq and the cumulative stock market recovers from the slump it experienced towards the end of 2018.

The stocks which experienced a considerable hike over the past were Facebook, Apple, Netflix, and Google-parent Alphabet, who all closed the day at least 2 percent higher than their opening valuation. Apart from these tech giants, Technology Select Sector SPDR fund [XLK] also saw a 1.6 percent hike in prices.

However, Alphabet shares faced an unexpected setback. Following the release of the company’s release of quarterly earnings, which portrayed an arguably dismal image, stocks fell by 2 percent in a couple of hours. Gilead also suffered a bear attack and crashed 2.3 percent on earnings.

The Federal Reserve’s position on normalizing the monetary policy, which many deem as extremely binding and too soon, has investors worried about the market’s future. This fear dwindled lightly last week when the Fed made an official statement that they will be patient before the implementation of the policy and study the matter deeply.



A Twitter user, Yuriy Matso, commented on the market movement:

“$YM_F Dow Jones has already retraced almost 70% of the Oct-Dec correction. If (to be confirmed next week) it continues going higher, it might get to the previous highs in a month. This should be followed by a consolidation phase to shake out the weak hands. Then a big break out.”

Another Twitter user, Kryptowavetradr, stated:

“$SPX People who tried shorting last week got their stops ran. Still has a little bit more room to go to around 2730-2740. Thats where I would be looking for shorts.”





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Febin Jose is a full-time journalist/editor at AMBCrypto. He believes that cryptocurrencies will navigate a volatile future and that Arsenal can still win a title. Lives around the "if it sounds like writing, I rewrite it" mantra.

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Japanese ‘Amazon’ Rakuten opens registration for trading cryptocurrencies on Rakuten Wallet

Febin Jose

Published

on

Japanese ‘Amazon’ Rakuten opens registration for trading cryptocurrencies on Rakuten Wallet
Source: Pixabay

Rakuten, the Japanese equivalent of e-commerce giant Amazon, announced that it has opened registrations for its cryptocurrency exchange, in a recently released press release. According to the statement, account registrations for trading cryptocurrencies on the company’s Rakuten Wallet were now open.

However, to avail the service with ease, the user should be a member of the Rakuten Bank, a part of the Rakuten Group. Users registered with the bank will have the liberty to sign up using a web application, while others will have to go through multiple layers of authentication.

The KYC procedures that Rakuten will choose to include are expected to play a major role in the adoption of the cryptocurrency exchange. The official statement by Rakuten said,

“[…] we have enhanced support for customers by introducing an automatic response chat service that employs AI technology that responds to customer inquiries 24 hours a day, 7 days a week.”

The move comes after the e-commerce giant received a license from the Japanese Financial Service Authority [FSA] to function as a crypto-asset exchange. According to sources, Rakuten is expected to launch the exchange in June this year and users only need a Rakuten ID and a supplementary bank account to complete registration for trading crypto-assets.

Rakuten has been approaching global adoption from a different perspective as it partnered with FC Barcelona, a renowned Spanish football team, to promote its services and increase its global visibility.



Furthermore, Rakuten had also taken over a Bitcoin platform called Everybody’s Bitcoin in 2018. This was its first step into the crypto-verse as the platform then initiated changes which helped it meet the demands of Japanese regulators. Earlier. Everybody’s Bitcoin had come under criticism from the financial regulatory body over “deficiencies in management control”.

With the amalgamation of Rakuten, which was known for its management hierarchy and efficiency, FSA was convinced that the firm now had enough management control and voted in support of its demand to work as a crypto-asset exchange.





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