NEW YORK, Sept 25 — The Dow and S&P 500 edged higher yesterday and ended a turbulent week with slight increases, helped by gains in Tesla and Facebook that offset a tumble by Nike.
Yesterday, Evergrande’s electric car unit warned it faced an uncertain future unless it got a swift injection of cash, the clearest sign yet that the property developer’s liquidity crisis is worsening in other parts of its business. On Wednesday, the Federal Reserve said it would reduce its monthly bond purchases “soon” and half of the Fed’s policymakers projected borrowing costs will need to rise in 2022.
Shares of cryptocurrency-related firms Coinbase Global , MicroStrategy Inc, Riot Blockchain and Marathon Patent Group fell after China’s central bank put a ban on crypto trading and mining. “It’s been a very volatile week to say the least, so I think going into the last week of September the volatility is likely to continue especially with the end-of-the-quarter window dressing,” said Peter Cardillo, chief market economist at Spartan Capital Securities in New York.
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