Weekly Roundup – Feb 23 to Mar 1
S&P At Record Highs (Again)
For another time in the past year we see the S&P closing at a record high of just under 1860, with the Dow Jones and Nasdaq also closing up as well. After a short fall early in the year this signals a faith in Janet Yellen and positive outlook on the US economy. With some fears of Ukrainian effects relaxing and positive outlook on US GDP growth, February ended well for Wall Street.
Ukrainian Revolution and Change
It was a week of much change in Ukraine, with President Yanukovych being ousted, a new interim leader leading parliament to form a new government and now with expected Russian and American intervention. With Yanukovych hiding in Crimea holding that he is still the legitimate President some expect him to now be in Russia while there is expectation for Obama to take a definitive stance on action in Russia’s backyard.
Big Bear Cries at Sochi
The week started with the end of the Sochi Winter Olympics with an extravagant closing ceremony including a gigantic stuffed bear which walked around and cried. Interestingly the USA did not meet expectations of winning by medal count or points, with Russia leading the pack, and Norway and Canada claiming silver and bronze.
After having lost over 1.75 million Bitcoins with debts of $64 million, Mt Gox, the largest exchange for the cryptocurrency, shut down and filed for bankruptcy this week. The Tokyo based company claimed the missing Bitcoins simply disappeared, tied with the US government seizing $5 million in assets and the price of the currency falling as well, the exchange ran into a number of problems. This incident throws the viability of the currency into question, with the price falling past 600 after a peak of over 1200/USD last year.
New Round of Smart A** Phones
Samsung unveiled its latest in the Galaxy line of phones – it’s flagship mobile device series – thus kicking off the year’s tech wars. Usually an innovative force, the Galaxy S5 did not boast anything revolutionary apart from a larger screen and faster processor, setting a precedent for a run-of-the mill year in phone releases i.e. a new iPhone.