Crypto Exchange Valued at $87B in Stock Market Debut

Bank stocks were mixed despite strong earnings reports
By Newser Editors and Wire Services
Posted Apr 14, 2021 3:43 PM CDT
Cryptocurrency Exchange Makes Stock Market Debut
Coinbase employees gather outside the Nasdaq MarketSite in Times Square during the company's IPO, Wednesday, April 14, 2021.   (AP Photo/Richard Drew)

Most US stocks rose Wednesday following an encouraging start to what’s expected to be a thunderous earnings reporting season, but major indexes still ended mixed as drops in several tech heavyweights including Apple and Facebook weighed them down. The S&P 500 fell 0.4%, to 4,124.66 easing below the record high it set a day earlier, the AP reports. The Dow Jones Industrial Average rose 53.26 points, or 0.2%, to 33,730.89. The Nasdaq fell 138.26 points, or 1%, to 13,857.84. Goldman Sachs, JPMorgan Chase, and Wells Fargo all unveiled earnings for the first quarter that blew past analysts’ forecasts. The better-than-expected results didn’t give all the bank stocks a uniform pop, though. Goldman Sachs rallied 2.9%, but JPMorgan Chase fell 1.8%. Wells Fargo was 5.1% higher, but only after swerving from an early-morning loss to a gain.

Shares of Coinbase Global, an exchange for bitcoin and other digital currencies, surged in their market debut, providing an exclamation mark and some validation for the world of cryptocurrencies. Its stock opened at $381, after the Nasdaq earlier gave it a $250 reference price. It quickly rallied toward $430 before settling back at $334. At that price, investors say the company is worth more than $87 billion, which would make it more valuable than Nasdaq or Intercontinental Exchange, the owner of the New York Stock Exchange. Energy stocks were also among the market’s strongest on expectations that a resurgent economy will burn more petroleum products

(More stock market stories.)

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