A humorous look at the companies that caught our eye, for better or worse, this week
Crypto winter? It’s starting to feel more like a crypto ice age. Hammered by the bankruptcy of crypto exchange FTX – the latest in a string of insolvencies to rock the industry – digital currencies including bitcoin and ethereum plunged to lows not seen since 2020. FTX founder Sam Bankman-Fried, who stepped down as CEO on Friday, took the blame for the crisis that began when investors withdrew billions of dollars from FTX amid concerns about the stability of its affiliated hedge fund.
7 per cent year-over-year – both lower than expected – investors on Wall and Bay streets were buying stocks with both fists. Fuelled by hopes that interest rates may be nearing a peak, the S&P 500 soared 5.5 per cent on Thursday and the S&P/TSX Composite Index rose 3.3 per cent, notching their biggest advances since April, 2020. Time to take out a huge margin loan, clearly.Expensive: Taking the kids to Disney World. More expensive: Investing in Disney stock.
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