Dow Jones Industrial Average registered substantial gains early on Tuesday as US-China trade talks continued, seeking to find respite by the end of February. The index registered a gain of about 30 points, with stocks including McDonald’s and Walmart [WMT] coming in or close to the buy zone. Walmart noted strong earnings before the market opened.
On Tuesday, the market opened at 25,849.85 and closed at 25,891.32, observing a climb of 8.07 points from the previous trading day. A minimal growth of 0.31% saw most stocks pumping by very meager amounts.
While Nasdaq composite changed its trend as it gained by 0.3% midday, Dow Jones registered a growth of a mere 0.1%. Just last week, Nasdaq and Dow Jones reported an eight-week-long win streak, which broke with the following fall.
Walmart was the top performer in Tuesday’s market among Dow Jones stocks as it moved upwards by nearly 4% on the back of the company recording strong quarterly results before the stock market opened. The stock broke out above a cup with handle’s 99.45 entry Friday and even now, is in the 5% buy range that runs up to 104.42, reported Investor’s Business Daily.
McDonald’s gained nearly 0.2% after analyst firm Stephens upgraded its stock from equal weight to overweight. This also helped to boost the price of the stock to a target of 200, from 180. The restaurant’s stock is approaching a cup-with-handle’s 189.52 buy point and trying hard to regain the 50-day line.
A Twitter user @ThinkTankCharts explained what he understood from the ongoing market movement in a tweet:
“Dow Jones – nothing like blue skies and sunshine to brighten up an leadership in this rally – Industrials? You betcha. Took the day off, after working hard, to lay on the beach and get some rays :)”
On a thread discussion, @LalitLj, opined:
“ll insider trdg covertly done, no green shoots in our economy, much is speculative, some solace to b derived only as far as Dow Jones is on upwards trend, all indices follow suit, for next 8 to 10 months, I see stability n sensex cud probably b around 40k.”
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Financial Conduct Authority [FCA] issues warning against fraud cryptocurrency clone firm
The Financial Conduct Authority (FCA) has warned people of a cryptocurrency clone firm, going by the name – ICAP Crypto. It is a crypto-clone company of the ICAP Europe Limited. Their modus operandi is that they use the information of people taken from a credible firm and show themselves as a legit organization.
The original firm goes with the name ICAP Europe Limited, which is registered and legalized by the FCA. The clone company has been using the credentials of the true company and scamming people.
FCA, in the past too, have warned investors of two such companies that were cloning themselves as cryptocurrency firms. The firms went by the names Fair Oaks Crypto and Good Crypto. Fair Oaks Crypto targeted people by cloning itself with Fair Oaks Capital, while the latter, Good Crypto tagged itself with Corporate Finance and scammed people by misrepresenting the registered information of the people.
Forex and crypto backers have been scammed to the tune of $34 million by these companies in the near past, according to a statement by the FCA. The FCA is also looking at banning “high-risk derivative products connected to cryptocurrencies”. FCA has given permission to three blockchain enterprises to work under its regulatory body.
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