Banks, lenders and other financial companies rose as traders bet jobs data Friday would support higher interest rates.
The price of digital currency bitcoin rose as much as 40% in a matter of hours in what some observers said was a textbook example of speculative bubble formation. Many analysts had warned of a bubble when bitcoin hit $5,000. On Thursday, it traded as high as $18,000 on some exchanges. More than $300 million of the Bitcoin Investment Trust, a fund designed to track the price of bitcoin like an ETF, had changed hands in over-the-counter trading, enough to make it one of the top 10 exchange-traded funds by volume. The fund has traditionally traded at a large premium to bitcoin because it provides ease of access to investors, but that premium could evaporate once futures start trading at major exchange operated by CBOE Holdings next week.
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One of China's biggest insurers, Ping An Insurance, has become the second-largest shareholder of British banking giant HSBC Holdings.
Rob Curran, firstname.lastname@example.org
(END) Dow Jones Newswires
December 07, 2017 16:42 ET (21:42 GMT)