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Traders are looking closely at bitcoin and other speculative investments like Tesla for signs of exuberance that may indicate where the stock market could go next.
The cryptocurrency, which briefly topped $40,000 apiece last week, has become a poster child for the level of animal spirits in the financial markets. The same goes for Tesla, which just came off its record 11-day winning streak after a sevenfold rally in 2020. A number of investors and traders flagged that the broader stock market started to move in tandem with these two feverish assets in the past few days.
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Traders are looking closely at bitcoin and other speculative investments like Tesla for signs of exuberance that may indicate where the stock market could go next.
The cryptocurrency, which briefly topped $40,000 apiece last week, has become a poster child for the level of animal spirits in the financial markets. The same goes for Tesla, which just came off its record 11-day winning streak after a sevenfold rally in 2020. A number of investors and traders flagged that the broader stock market started to move in tandem with these two feverish assets in the past few days.
» Subscribe to CNBC TV: SubscribeCNBCtelevision
» Subscribe to CNBC: SubscribeCNBC
» Subscribe to CNBC Classic: SubscribeCNBCclassic
Turn to CNBC TV for the latest stock market news and analysis. From market futures to live price updates CNBC is the leader in business news worldwide.
The News with Shepard Smith is CNBC’s daily news podcast providing deep, non-partisan coverage and perspective on the day’s most important stories. Available to listen by 8:30pm ET / 5:30pm PT daily beginning September 30: 2020/09/29/the-news-with-shepard-smith-podcast.html?__source=youtube%7Cshepsmith%7Cpodcast
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Get the latest news:
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