Month: May 2021

A millennial who began reading Wall Street Bets as a source of comedy started a Shopify store dedicated to knick-knacks and apparel based on the Reddit thread

  • One millennial began reading Wall Street Bets its comedic value, but would never use the advice.
  • Instead, he started an online shop featuring knick knacks and T-shirts with now-famous Wall Street Bets slogans.
  • A GameStonk shirt and another with a kid on the moon with a rocket ship are among his top sellers.
  • See more stories on Insider’s business page.

Twenty-five-year-old Alan Walker started reading Reddit’s Wall Street Bets just for laughs when he was a teenager.

“It’s like watching a drunk guy walk down the street. It’s fun to watch, but you don’t want to be

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Is the Stock Market Open Today? Here Are the Memorial Day 2021 Hours.

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Memorial Day, which honors those who died while serving in the U.S. military, became a national holiday in 1971.

Sean M. Haffey/Getty Images

Memorial Day 2021 is here, bringing with it a long weekend for U.S. traders and others.

Since it became a national holiday in 1971, Memorial Day has been the last Monday of May, honoring those who died while serving in the U.S. military. In this case, Memorial Day falls on the last day of the month.

U.S. equities had a mostly dull week, with the

S&P 500 index

rising 1.2% and the

Dow Jones

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Iran bans bitcoin mining as its cities suffer blackouts

DUBAI, United Arab Emirates — Iran’s government announced a ban on the mining of bitcoin and other cryptocurrencies, the country’s president, Hassan Rouhani, announced Wednesday, as officials blame the energy-intensive process for blackouts in a number of Iranian cities.

The ban is effective immediately and will be in place until Sept. 22, Rouhani told state TV, in the latest sign of high-profile rejection of the popular digital currency. 

The Iranian capital of Tehran and several other large cities have faced multiple daily power outages for the past few months, and officials blame it on a natural gas shortage, a prolonged

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Rubio calls on Wall Street to stop ‘enabling Communist China’

Sen. Marco RubioMarco Antonio RubioChina is already winning World War III, via money Demings raises Democrats’ hopes in uphill fight to defeat Rubio Extraordinary explanations for UFOs look increasingly plausible MORE (R-Fla.), one of the Senate’s top China hawks, called on Wall Street banks and financial organizations to stop “enabling Communist China” in an op-ed published Wednesday.

Writing in The American Prospect, Rubio hammered top firms for investing in Chinese companies and argued that many Americans were unwittingly tied financially to companies tied to China’s ruling Communist Party.

“It’s the height of hypocrisy. U.S. corporations with lucrative business

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Wall Street edges up with U.S. bond yields in check

The New York Stock Exchange is pictured amid the coronavirus disease (COVID-19) pandemic in the Manhattan borough of New York City, New York, U.S., April 16, 2021. REUTERS/Carlo Allegri

U.S. stocks edged higher on Wednesday as recent comments from Federal Reserve officials helped tamp down concerns about runaway inflation and kept bond yields in check.

Stocks such as Tesla (TSLA.O) and Amazon (AMZN.O), which have struggled in recent weeks as bond yields advanced due to rising inflation worries, were among the top boosts to the benchmark S&P 500 index with the 10-year U.S. Treasury note holding below the 1.6% level.

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China’s Biggest ‘Bad Bank’ Tests Beijing’s Resolve on Financial Reform

HONG KONG — BlackRock gave it money. So did Goldman Sachs.

Foreign investors had good reason to trust Huarong, the sprawling Chinese financial conglomerate. Even as its executives showed a perilous appetite for risky borrowing and lending, the investors believed they could depend on Beijing to bail out the state-owned company if things ever got too dicey. That’s what China had always done.

Now some of those same foreign investors may need to think twice. Huarong is more than $40 billion in debt to foreign and domestic investors and shows signs of stumbling. The Chinese government, which has stayed quiet

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Ban Cryptocurrency to Fight Ransomware

No one is out of reach from ransomware attacks. The Colonial Pipeline hack made that clear, along with the nearly 2,500 cases of ransomware—a form of malware that encrypts computer files and holds them for ransom—reported to the Federal Bureau of Investigation last year, a 66% annual increase. In 2020 ransomware victims paid hackers $350 million in cryptocurrency. Since many victims pay ransom without reporting the incident, these numbers understate the damage.

The solutions floated after the Colonial hack—improved cybersecurity in the private sector and public-private collaboration to protect critical infrastructure—are pro forma and inadequate. There is a simpler and

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Wall Street’s New Cop Signals More Scrutiny of Crypto, SPACs

Wall Street’s main regulator is signaling that the Biden era will spell tougher oversight for cryptocurrencies and blank-check companies, two of the white-hot market’s most talked-about asset classes.

U.S. Securities and Exchange Commission Chairman Gary Gensler on Wednesday told lawmakers that special purpose acquisition companies and digital coins posed significant policy and investor-protection questions. He referred to SPACs, shell companies that list on stock exchanges for the purpose of buying other firms and making them public, as “blank-check IPOs.”

The financial world has been anxiously waiting to see how Gensler will steer the SEC at a time when retail investors

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Wall Street bank CEOs to tout COVID relief push, diversity efforts before Congress

Wall Street bank chiefs will tout the role their institutions have played in getting the pandemic-hit U.S. economy back on track when they appear before Congress this week, but are likely to face tough questions on hot-button social and economic issues.

The Senate Banking and House Financial Services committees will hear from the chief executives of JPMorgan Chase & Co (JPM.N), Bank of America Corp (BAC.N), Citigroup Inc (C.N), Wells Fargo & Co (WFC.N), Goldman Sachs Group (GS.N) and Morgan Stanley (MS.N) on Wednesday and Thursday, respectively.

In prepared testimony posted on Tuesday, the CEOs highlighted their banks’ resilience during

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Firm founded by son of China finance tsar invests heavily in tech

An investment firm founded by the son of China’s most powerful financial official has invested heavily in technology companies, including units of leading Chinese internet groups Tencent and

Liu Tianran, son of vice-premier Liu He, was listed as chair of Tianyi Ziteng Asset Management, also known as Skycus Capital, when the firm was established in Zhejiang province in late 2016, according to corporate records seen by the Financial Times. Ten people, five of whom have worked with Liu Tianran, confirmed that he is Liu He’s son.

According to corporate filings, Liu Tianran relinquished the chair role at Skycus in

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