US Equity Prices Ease After Reaching Record Highs
Keagan York | Nov 19, 2013 04:36AM ET
According to the Department of Justice and the Securities and Exchange Commission in the United States, the digital currency known as the bitcoin is a legitimate financial instrument. The agencies advised the U.S. Senate Committee on Homeland Security that the currency has the benefits and risks associated with any other online payment system. After plunging on the Oc-tober closure of the Silk Road website, which was a conduit for drugs, guns and other contra-band, the value of the bitcoin has surged on speculation that they would become more widely adopted.
In Asia, a looming battle of centuries old conflicts and influence peddling is building between Japan and China. Prime Minister Shinzo Abe visited Laos and Cambodia over the weekend in the first such visit by a Japanese PM in more than a decade. Abe handed out funding for critical infra-structure for two of Asia's poorest nations. Abe has now visited all 10 members of ASEAN since he took office less than a year ago in a very clear message to Beijing. He is yet to meet with any of the new Chinese leaders. Abe is clearly on the move seeking to increase Japan's influence across South East Asia.
U.S. equity prices have eased after briefly touching new record highs during the trading session. The Dow Jones Industrial Average climbed above 16,000 for the first time but markets were soon negatively impacted by falls in raw material and energy shares. The S&P 500 has closed 0.37% lower at 1,791.56. Earlier in Europe, bourses gained with the DAX rising 0.62% while the FTSE gained 0.45%.
Commodities prices have fallen with the major indexes losing 0.5%. Mixed signals from members of the Federal Reserve have not helped crude prices with WTI continuing to tumble, losing 0.9% to $92.90. Precious metals also lost ground with gold losing 1.2% to $1,272 while silver dropped 1.67% to 20.38. Copper fell 0.7%. Agricultural commodities were mixed with corn falling more than 2% while cocoa gained.
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