S&P 500, Nasdaq open higher to continue rally

First Bitcoin-linked ETF in US launched, rises 3.2% in debut

Ovunc Kutlu   | 19.10.2021
S&P 500, Nasdaq open higher to continue rally


The S&P 500 and the Nasdaq opened higher in the US on Tuesday, poised to extend their winning streaks to a fifth consecutive day.

The S&P 500 was up 16 points, or 0.37%, to 4,503 at 9.33 a.m. EDT, while Tesla's stock price increased 0.45%.

The tech-heavy Nasdaq was up 39 points, or 0.26%, to 15,061 with Coinbase and Alibaba each adding more than 3%.

The Dow Jones rose 133 points, or 0.38%, to 35,390 despite the blue-chip index closing lower Monday, ending a three-day winning streak. Investment banking majors Goldman Sachs, Morgan Stanley, and JPMorgan were up around 0.4% apiece.

Despite ending the previous session higher, the VIX volatility index, known as the fear index, was down by 1.1% to 16.13.

The dollar index fell 0.3% to 93.70, while the yield on 10-year US Treasury notes rose 1.6% to 1.609%.

Oil prices were down for the second day in a row -- shedding 0.55%. International benchmark Brent crude was trading at $83.87 and US benchmark West Texas Intermediate was at $81.25.

Precious metals reversed course with gold rising 0.74% to $1,778 per ounce and silver adding 3.5% to $24.01.

After hitting $60,000 on Friday for the first time in six months since April 18, the price of Bitcoin was trading around $62,900, a 1.7% gain.

US-based ProShares, which provides specialized exchange-traded products, announced Monday that it plans to launch the much-anticipated first Bitcoin-linked exchange-traded fund (ETF) on the New York Stock Exchange on Tuesday. Its ticker is BITO.

BITO was up 3.2% at 9.47 a.m. EDT.

"BITO will offer investors an opportunity to gain exposure to bitcoin returns conveniently, through a brokerage account. BITO can be bought and sold like a stock and eliminates the need for an account at a cryptocurrency exchange and for a crypto wallet," the company said in a statement.

ETFs, which are similar to mutual funds, are types of investment funds that can be traded on stock exchanges, and they can hold assets such as stocks, bonds, currencies, and commodities.

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