Bitcoin Soars Above $20,000 as Stocks Open Mixed
Wall Street largely took a pause on Wednesday morning, holding at or near record highs for many major market benchmarks. Investors are looking for some guidance from the Federal Reserve, which is in the middle of its last monetary policy meeting of 2020. What the Fed decides, as well as what Washington lawmakers put together for a possible stimulus package, could have big implications for the future direction of the stock market. As of 10:45 a.m. EST, the Dow Jones Industrial Average (DJINDICES: ^DJI) was down 19 points to 30,180. However, the S&P 500 (SNPINDEX: ^GSPC) gained 5 points to 3,699, and the Nasdaq Composite (NASDAQINDEX: ^IXIC) moved further into record territory with a gain of 26 points to 12,621.
Many investors have looked for alternatives to stocks in the current environment, and that's led to a surge in the price of cryptocurrencies. In particular, bitcoin has been moving sharply higher in the past few months, and on Wednesday, the crypto token set a new record high of its own.
Image source: Getty Images.
Source Fool.com
