S&P 500 reached a historic record by exceeding the 6,300 mark, as demand for crypto and tech stocks surged.
Record Achievements of S&P 500
On Tuesday, the S&P 500 index surpassed 6,300 for the first time in history. This occurred despite President Trump's threats of a 30% tariff on goods from Mexico and the European Union, which will take effect on August 1.
Connection with Bitcoin and Stock Dynamics
The rally in the S&P 500 is closely tied to Bitcoin's recent surge above $123,000. Analysts note that stocks of cryptocurrency companies like Coinbase (COIN) and MicroStrategy (MSTR) are experiencing significant gains. Coinbase's stock has moved above $346, a level not seen since 2021. These stocks show a high correlation with Bitcoin's price.
Asian Markets on the Rise
Asian markets also opened higher, boosted by stronger-than-expected economic growth in China at 5.2% in the second quarter. The Hang Seng Tech index in Hong Kong rallied by 2.14%, while the Straits Times Index in Singapore hit a new high for the seventh consecutive session.
The dynamics of the S&P 500 and other key indices highlight significant changes in the financial landscape driven by both domestic economic data and global trends.
