A short review of last week (week 47). This is from my daily blog - 5min.finance
And so it was and so it shall be, Monday begins the week.
The Land Down Under (AKA Australia)
- The ASX200 index , which tracks the value of the largest 200 companies trading on the ASX was 0.43% higher last week
- The All Ordinaries index, which tracks the largest 500, was also up, finishing 0.43% higher
We are about to enter into the quietest two months on the stock market (for Australia). School holidays are fast approaching and everything begins to slow down. Money managers and investors tend to take holidays over this period and companies, knowing this, tend not to provide as many updates on their business over this time either.
The two biggest things to end off the year will be next Tuesday’s interest rate decision (spoiler alert, no change) and the release of Australia’s GDP growth during the September quarter (which I’ll write more about closer to the time).
Trumpville (AKA the United States of America)
- The Dow Jones index which tracks the 30 largest companies in the US was up 0.42% for the week
- The S&P500 index which tracks the 500 largest was up 0.65%
- The NASDAQ which is an index pretty much dominated by technology stocks took the cake, up by 1.41%
The biggest thing in the US last week was Black-Friday, the name given to the Fridayimmediately following Thanksgiving (which occurs on the fourth Thursday of November). What’s so special about this day? Well, Black Friday is known as the official beginning of the Christmas Shopping period in the United States. Tra-la-la-la-la, la-la, la, la. From Black Friday to Christmas, Americans will do 30% of all their shopping for the year. That’s’ right, 30% of all sales for retails in a year occur in just a single month.
Knowing this, retailers want to be pretty front and centre in people’s minds early on. Get them shopping with you on Black Friday, they hope, will see you shopping with them lots over the next 30 days. Black Friday has become bigger and bigger over the years and now retailers nationwide open their stores crazy early to “celebrate” (like 4 or 5 in the morning, some even from midnight) offering up amazing deals to bring people into their stores.
I don’t know what the total amount spent during Black Friday was, despite some pretty frantic googling. What I did find though was the value of online sales for the day. It was 7.9 billion USD. A record. Sounds like a lot right? It was an all-time record after all.
Yet another all-time high (AKA Bitcoin)
Yep. 9,350 USD. Another all-time high. Wow.
I swear to you, the following is the reason the media is giving for it this time. Americans have just celebrated Thanksgiving, a holiday which gets extended families together around the dinner table. One of the topics? Bitcoin. Proud mothers talked about how their little Bobby has made a fortune investing his bar mitzva money in it. Amanda boasted her girlfriend is taking them on a holiday to Springfield all paid for by it. Christian, returning from college is threatening to pull out of uni to trade it. And poor Johnny, who’s going through a horrible divorce, is an alcoholic.
Anyway, after much discussion, family members, excited by their bloodlines success opened up bitcoin wallets and bought in. 100,000 new accounts have been opened in just the last few days. And up the price has gone.
And yet, Retailers are still yet to adopt Bitcoin.
Anyway, that’ s 5 minutes. Hope it helped.
Disclosure: I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.