The Money Section | The stock market is having a historical week

͏Also, bitcoin’s value fell–but it’s not what it seems. ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ [The Charlotte Observer]( January 24, 2024 • Issue #69 [The Money Section] This week, we’re looking at the Dow’s historic 0.36% average gain on Monday, why bitcoin’s value fell (and why it’s not what it seems like), and why crypto is starting 2024 on shaky ground, but looking towards an optimistic future. Car prices are finally falling–and fast. [Car prices]( Money; Getty Images New car prices in the U.S. have experienced the largest yearly decline ever, down 2.4% in the last 12 months. The market is shifting in favor of buyers, enabling negotiations and discounts, leading dealers to reduce margins–especially as inventory rebounds. [Read more.]( 📈 Dow closes above 38,000 for the first time ever. Stocks rose Monday, with the Dow Jones Industrial Average gaining 0.36% to close above 38,000 for the first time. The S&P 500 and Nasdaq Composite also reached new all-time highs. However, Wall Street's momentum depends on the Federal Reserve's ability to achieve a [“soft landing” in the economy.]( 🏃 Running away from the recession ledge. According to the National Association of Business Economics, 91% of economists believe a recession is unlikely in the next year. This significantly increased from 79% in October, signaling broad economic improvement. [See what’s contributing to this positive outlook.]( Bitcoin’s value fell–but it’s not what it seems. [Bitcoin]( Money; Shutterstock Despite the approval of bitcoin spot ETFs by the U.S. Securities and Exchange Commission in early January, bitcoin has lost $7,000 in value, placing it at its lowest point since early December. But why? [Here’s the common stock phenomenon that may help explain it.]( 💸 Terraform Labs files for bankruptcy. Cryptocurrency firm Terraform Labs has filed for Chapter 11 bankruptcy protection, less than two years after the collapse of its cryptocurrency led to significant losses for investors. The Singapore-based company listed its estimated assets and liabilities in the $100 million to $500 million range. [Read more.]( 😮 NYC residents will have $2 billion medical debt wiped out. New York City plans to eliminate over $2 billion in medical debt for around 500,000 residents, aiming to address a significant cause of personal bankruptcy. The city is partnering with the nonprofit RIP Medical Debt, which acquires medical debt at a fraction of its value and forgives the amounts owed. [Here’s what you need to know.]( The new Social Security COLA is now in effect. [COLA]( Olive Burd / Money; Getty Images Social Security checks have been distributed in several rounds, with the final round for beneficiaries with birthdays between the 21st and 31st of January scheduled for January 24. The new 3.2% cost-of-living adjustment (COLA) for 2024 has been applied to Social Security payments, [reflecting a lower increase than the previous year.]( ⚖️ Sony and Zee start a costly legal battle. Sony Group has abandoned its plans for a $10 billion merger of its Indian unit with Zee Entertainment, creating uncertainty for Zee as competition intensifies in India's content-hungry market. [Here’s why the merger might have failed.]( 🚫 Macy's rejects a $5.8 billion takeover bid. Macy's has rejected a $5.8 billion takeover bid from investment firms Arkhouse Management and Brigade Capital, citing doubts about the financial feasibility and compelling value of the deal. Macy's –facing challenges in the retail sector– said it remains open to opportunities in the best interests of the company and shareholders. [Read more.]( Smart Money Move Rent worry-free without the baggage of stress [Renters] [Renters] Safeguard your belongings from theft, natural disasters, and other unexpected covered incidents with the right renters insurance policy. More than just protecting your in-home belongings, the right renters insurance policy could be your safety net if someone gets injured at your place or your laptop takes a tragic vacation from the coffee shop. That’s right, your belongings are covered with the right policy even outside your home. Don’t let concerns of living in a rental bother you; get the coverage you need today. [View Money’s top picks for the Best Renters Insurance providers, with policies starting at just $5/month.]( Stories we're reading this week - [IRS Launches Free File for 2024 Tax Season With Major Eligibility Expansion]( - [Fed Now More Likely to Keep Rates On Hold in March]( - [10 Cities Where Gen Zers Have the Best Shot at Buying Homes in 2024]( - ['Loud Budgeting' is a New Trend Taking Over Tiktok That's Actually Helping People Save Money]( - [Stamp Prices Are Going up (Again) This Weekend]( - [ExxonMobil Sues To Block Investors’ Climate Proposals]( - [What’s Next for Tech Stocks Now That Microsoft Has Overtaken Apple?]( The Money Section is written in partnership with Money Research Collective This email was sent to {EMAIL} because you are signed up to receive marketing emails or newsletters from The Charlotte Observer. If you no longer wish to receive emails of this type, you may [unsubscribe]( or [update your email preferences](. We are unable to monitor replies to this email. 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