Venture capital firms Paradigm Capital and Sequoia Capital have agreed to invest $1.15 billion in electronic trading giant Citadel Securities, bringing Citadel closer to the world of crypto and firms related to Web 3. Citadel is responsible for about 27% of the shares that are traded in the U.S. stock market each day.
Fed Chair Powell discussed stablecoins at the latest hearing with the Senate Banking Committee on Tuesday, noting that private coins should be able to coexist with a central bank digital currency. He also hinted that the Fed’s long-awaited report digital currencies would be released in a matter of weeks.
The S&P 500 and Dow Jones Industrial Average rose for the first time in 5 trading sessions, as Jerome Powell restated the Fed’s efforts to corral inflation. The tech-heavy Nasdaq Composite gained 1.41%.
Federal Reserve Chairman Jerome Powell said the central bank is ready to begin raising interest rates for the health of the economy. He was also optimistic that supply-chain bottlenecks would help bring down inflation once alleviated.
Potential interest rate hikes could make bank stocks relatively attractive as investors look ahead in 2022. Banks and financial institutions rose 5.4% last week, while the broader S&P 500 index fell 1.9%.
The rapid spread of the omicron variant is causing the issues of sick employees and supply chain disruptions to collide, which has led to empty shelves at supermarkets due to staffing shortages and late deliveries. Shares of Albertsons, Kroger and Walmart fell on Tuesday.