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Indices rose on Tuesday as markets kept an eye on inflation data due out this week.
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The rally slowed, but stocks added to the records set in Monday’s session.
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Bitcoin approached $90,000 as crypto markets continue to bask in Trump’s victory.
U.S. stocks broke records on Tuesday, and the dizzying rally since last week slowed slightly as traders prepared to digest new inflation data this week.
A five-day rally helped the Dow Jones Industrial Average and S&P 500 reach new closing highs on Monday, and many assets pooled in Trump’s trades saw continued momentum thanks to the president-elect’s victory.
Among them, bitcoin came close to reaching the $90,000 mark for the first time in early trading on Tuesday. The cryptocurrency industry hopes to benefit from Trump’s friendly stance toward digital assets, and markets expect less regulation of the space.
The rally slowed as markets approached the October consumer inflation report. The consumer price index is due out on Wednesday and Wall Street will be watching for any major changes in inflation.
Economists expect a 2.5% year-on-year increase in the CPI, compared with a 2.4% increase in the previous month. Any significant surprise could upset expectations about the Federal Reserve’s interest rate cuts in the coming months.
Here’s where the US indices stood at the 9:30 a.m. opening bell on Tuesday:
This is what happened today:
In commodities, bonds and cryptocurrencies:
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West Texas Intermediate crude oil rose 1.3% to $68.92 a barrel. Brent crude, the international benchmark, rose 1% to $72.62 a barrel.
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Gold held steady at $2,618 an ounce.
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The 10-year Treasury yield rose five basis points to 4.367%
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Bitcoin rose 4% to $86,262.
Read the original article on Business Insider