ASX to rise as Tesla makes world's biggest Bitcoin purchase

Manager buying cryptocurrency through mobile phone app

Good morning.

Here’s your Yahoo Finance Tuesday morning wrap:

ASX: The Australian share market is expected to jump at the open this morning off the back of a Wall Street that hit record highs on the back of hopes for more fiscal relief.

Wall Street: The Dow Jones closed up 0.76 per cent; the Nasdaq rose 0.95 per cent; and the S&P 500 is up 0.74 per cent. More here.

Tesla’s made a record US $1.5 billion purchase of Bitcoin. It’s the largest corporate purchase ever of the crypto, and it’s sent Bitcoin prices soaring. I wrote about it here.

In fact, shares all over the world are at a record high. MSCI's 50-country index of world stocks hit its ninth record high of 2021; meanwhile, Tokyo's Nikkei jumped on talk of Japan relaxing emergency restrictions; China's markets have been heating up ahead of Lunar New Year; Europe then made a strong start amid high oil prices; and 10-year US Treasury yields climbed to 1.2 per cent. A lot’s happening; read more about it here.

So, you might be wondering: are we in a bubble? This veteran investor doesn’t think so. What we’re seeing is optimism, not euphoria, and those are two different things.

‘Bold ideas’. That’s what one of 2020’s top investors, ARK Invest, publishes a report about every year since 2017. Here are seven most innovative, money-making ideas from their 2021 report.

Terrible news: A young trader took his life after Robinhood restricted his account and he mistakenly believed he’d lost his fortune. Now, his parents are suing the app.

ICYMI: The Weeknd won’t make a single cent from his Superbowl performance. Here’s why.

–with AAP

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