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 Stocks finished higher on the first day of trading in 2018, with the S&P 500 and Nasdaq hitting records to open the year. Markets will be seeking to repeat the successes of 2017 — a year in which the S&P 500 gained in each of the 12 months. Here's Monday's scoreboard: - Dow: 24,819.10 (+0.40%)
- S&P 500: 2,695.82 (+0.83%)
- Nasdaq: 7,006.90 (+1.50%)
What happened: - The world's hottest investment product is showing signs of slowing down: Exchange-traded-fund closures hit a record for a second straight year in 2017, according to Citigroup data, signaling the ETF market is maturing as traders shift how they're using the funds.
- Oil is holding the $60 per barrel mark as anti-government protests in Iran provide support.
- Energy giant BP expects a long term 'Trump bump' from the new US tax plan — but it's taking a $1.5 billion hit for now
- Warren Buffett has won his $1 million bet against the hedge fund industry
In other news… - Peter Thiel's Founders Fund made a bet on bitcoin that's now worth hundreds of millions of dollars, and the price of bitcoin spiked on the news.
- Millennials did a terrible job picking stocks in 2017, with six of Robinhood's top 10 traded stocks ending the year lower than where they began.
- Steve Cohen's new hedge fund will reportedly have an army of investigators to snoop on traders' chats and calls.
- The cofounder of Ripple is now one of the world's richest people after the company's cryptocurrency, XRP, gained more than 37,000%
Finally, here's what 12 Wall Street prof are predicting for the stock market in 2018. SEE ALSO: Bitcoin's share of the crypto market hits an all-time low as 'alt-coins' go wild |
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