Dow Jones Industrial Average [DJI], after falling miserably, has climbed back up as the bulls overtook the bearish market and crude oil noted a surge again. After a steady rise from 22,894 on January 4, 2019, the index jumped over 2,500 points to close at 25,425 on February 12, after which it was falling.
On February 15, the market saw a new spike as at least seven out of 30 component rose 3 points or more. Dow Jones is the only index to outperform Russell 2000, a prominent gauge for small caps. As per Investor’s Business Daily, Dow Jones ensured an eighth straight weekly advance with a 1.4% gain.
On Thursday, the market opened at 25,564.63 and climbed 318.62 points to close at 25,883.25. This meager growth of 1.74% was fueled by the culmination of the US-China trade deal stand-off as US representatives look to sort out the issue before the March deadline.
The IBD leaderboard mentions more than a dozen names that have broken out to new heights or are trading near a proper buy point, as per the publication. These names include Xilinx [XLNX], TransDigm [TDG], Ciena [CIEN], Starbucks [SBUX] and Domino’s Pizza [DPZ].
After looking at the bullish market after long, the Twitter user @ThinkTankCharts, tweeted:
“Dow Jones Bullish Percent – needs some Apple help and other tech stock help, Dow is a Bull again with 57%. China buying $USD instead of bonds to hurt the US exports?? They wouldn’t do that…. Yeah, they would…”
Another Twitter user @Swiingtrade made an observation and tweeted:
“look at #nifty weekly chart. since 15 week it is trading only in 10500 to 11000 range. so we dont campare our #nifty with #dowjones . a much potential is waiting in nifty as compared to dow. if dow fall much from here then we will fall much less as compared to dow.”
While @BatteryMetals said that after seeing such highs of Dow Jones “I won’t be surprised at this heading back to 8s on mondaay again and possibly higher!”
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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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