Rally faltersThe Dow Jones Industrial Average and the S&P 500 closed lower for a third straight day Wednesday — a first for both indexes since October. The Dow fell 0.19%, while the S&P 500 shed 0.39%. The Nasdaq Composite dropped 0.58%. Investors assessed data indicating falling inflation and the monthly jobs report loomed. European markets on the other hand, closed higher, with the Stoxx 600 index up 0.6%. Jobs slowdownPayrolls processing firm ADP said Wednesday that private sector job creation slowed further in November and wages showed their smallest growth in more than two years. Companies added 103,000 workers for the month, slightly below the downwardly revised 106,000 in October and missing the 128,000 Dow Jones estimate. Crypto Demons Jamie Dimon, CEO of JPMorgan Chase, lashed out at bitcoin and its peers, suggesting cryptocurrencies should be banned in remarks on Wednesday on Capitol Hill. “I’ve always been deeply opposed to crypto, bitcoin, etc.,” he said. “The only true use case for it is criminals, drug traffickers … money laundering, tax avoidance.” “If I was the government, I’d close it down,” he added. The price of bitcoin recently topped $44,000. Oil slipsThe West Texas Intermediate contract for January fell $2.94, or 4.07%, to settle at $69.38 a barrel Wednesday, closing at the lowest level since late June. Retail gasoline prices hit their lowest since January ahead of the holiday shopping and travel season. The Brent contract for February declined $2.90, or 3.76%, to settle at $74.30 a barrel. [PRO] Bitcoin’s path to $50,000 After spending much of 2023 stuck near $30,000, bitcoin broke above $40,000 last weekend and has remained above that level for much of this week. Now the next stop could be close to $50,000.
CNBC Daily Open: Three days is a streak
