Bitcoin Hits New Record High

Bitcoin surged to a new all-time high of $19,712. Its adoption by payments giant PayPal (PYPL), as well as its role in portfolios as a safe haven which can offer diversification away from other assets like equities and bonds, have caused a huge run-up in its value this year.


It’s one year return is now over 170%, despite a minor pullback overnight, and experts continue to believe it can go higher still.

Speaking to the Telegraph, Simon Peters at eToro said there was more to come. "Bitcoin has broken through a critical price milestone and looks set to move higher. Three years on from its 2017 peak, the cryptoasset industry has matured and is seeing real traction with larger investors.

"They are using Bitcoin as a hedge to combat the prospect of higher inflation and continued government stimulus."

Dow posts best month in three decades, Exxon writes off $20bn

On Monday the Dow Jones Industrial Average, which is comprised of 30 large US stocks, closed out its best month in more than 30 years. Over the course of November, the index rose 12%, its best month since January 1987. Names including Chevron, JPMorgan, and American Express helped propel the Dow higher, with November gains of 21.5%, 14%, and 23.2% respectively. The record month came despite the index falling by 0.9% on Monday, with Chevron the biggest loser at -4.5%. Chevron’s fall coincided with rival Exxon announcing it had cut planned spending and written off $20bn of assets in the fourth quarter. Originally, Exxon had planned to spend $16bn to $19bn next year, and $20bn to $25bn annually until 2025, according to the FT. That is down from an original $30bn to $35bn budget. Exxon stock closed the day out 5.1% lower following the news, although it is still up 14.1% over the past month.

In after-hours trading, Zoom (ZM) shares dropped 5% to leave them 20% off peaks seen just six weeks ago, despite a fourfold jump in revenues compared to 2019’s equivalent quarter. Nonetheless, its share price remains up more than 700% in the last year.

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