Cheerful on Wall Street – bitcoin nears dream limit

The US stock market closed the week with rising prices. It went well for several retail companies, while technology companies had a tougher time. The cryptocurrency bitcoin is approaching another dream limit.

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Cheerful on Wall Street – bitcoin nears dream limit
Photo: Peter Morgan/AP/TT

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The Dow Jones industrial index rose 1 percent on Friday, the technology-heavy Nasdaq composite index increased 0.2 percent, and the S&P 500 went up 0.4 percent.

This also meant that the Dow Jones industrial index closed at a new record high.

Clothing chain GAP, a competitor to Swedish H&M primarily in North America, significantly raised its sales forecast and was rewarded with a 12.8 percent increase.

Several other retail companies also rose, while four of the seven major tech giants (excluding Apple, Microsoft, and Tesla) fell sharply. The worst performer was semiconductor giant Nvidia – the world's highest-valued listed company – which fell 3.2 percent.

Tesla, on the other hand, had a top day and rose 3.8 percent.

Over the entire week, the Dow Jones industrial index climbed 2 percent, while the Nasdaq composite index and the S&P 500 both rose 1.7 percent.

The dollar has strengthened against almost all other currencies. You can get approximately 11.04 Swedish kronor for one dollar.

The cryptocurrency bitcoin approached the dream limit of 100,000 dollars on Friday, with a peak around 99,500 dollars. At the close of the US stock exchange, it had fallen back slightly and one bitcoin was worth 99,145 dollars, equivalent to nearly 1.1 million Swedish kronor.

The increase is linked to hopes that Donald Trump as the new president of the USA will facilitate the cryptocurrency market.

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By TTEnglish edition by Sweden Herald, adapted for local and international readers

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