Closing Bell: Choppy session for stocks, OPEC surprises, The bull case for Bitcoin 10/5/22

Closing Bell

CNBC

News, Business

4.4 • 139 Ratings

🗓️ 5 October 2022

⏱️ 43 minutes

🔗️ Recording | iTunes | RSS

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Summary

Stocks staged an impressive comeback, with the Dow clawing back from a 430 point loss to finish just slightly in the red. Adam Crisafulli from Vital Knowledge and Mona Mahajan from Edward Jones debate if this week’s market strength is a classic bear market bounce or something more sustainable. Energy was by far the top performing S&P 500 sector as oil rose after OPEC+ announced a production cut. Dan Pickering from Pickering Energy Partners weighs in on how high oil could climb. And D.A. Davidson’s Gil Luria joins to make the bull case for Bitcoin, which is down around 50% on the year. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

Transcript

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0:00.0	Stock showing resilience today gaining background throughout the session with
0:04.8	the Dower racing a 430 point drop.
0:07.2	This is the make or break hour for your money.
0:09.6	Welcome to Closing Bell, I'm Melissa Lee and today for Sarah Eisen.
0:12.8	Let's take a check on where we're at markets stand.
0:15.0	We're just about flat.
0:16.6	It had been an interesting day though, really taking its direction from the move in Treasury
0:20.0	yields.
0:21.0	The Dow is right now up by just a tenth of a percent.
0:23.2	SB 500, up by six, one hundredths of a percent.
0:26.8	3792 is the level.
0:28.9	The Nazak is the worst of the three down by just about two tenths of percent.
0:32.0	Check out oil and energy.
0:33.0	That's where we're seeing some major moves.
0:34.7	Getting a lift today, as OPEC Plus says,
0:36.5	it will cut production by 2 million barrels per day.
0:39.7	We've got much more on that news straight ahead.
0:41.7	Also ahead on the show, the bullcase for Bitcoin,
0:44.3	it has lost more than half its value this year,
0:46.6	but DA Davidson says Bitcoin is a valuable asset
0:49.1	that is likely to see success.
0:51.0	We'll talk to the strategist behind that report.
	...

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