A late-afternoon recovery in technology stocks helped erase most of the market’s losses Friday, but it wasn’t enough to keep major indexes from logging their second losing week in a row.
The S&P 500 snuck back into the green in the last few minutes of trading. The tech-heavy Nasdaq also rose, while the the Dow Jones Industrial Average fell.
The S&P 500 rose 3.82 points, or 0.1%, to 4,662.85.
The Dow Jones Industrial Average fell 201.81 points, or 0.6%, to 35,911.81.
The Nasdaq rose 86.94 points, or 0.6%, to 14,893.75.
The Russell 2000 index of smaller companies rose 3.02 points, or 0.1%, to 2,162.46.
For the week:
The S&P 500 is down 14.18 points, or 0.3%.
The Dow is down 319.85 points, or 0.9%.
The Nasdaq is down 42.15 points, or 0.3%.
The Russell 2000 is down 17.35 points, or 0.8%.
For the year:
The S&P 500 is down 103.33 points, or 2.2%.
The Dow is down 426.49 points, or 1.2%.
The Nasdaq is down 751.22 points, or 4.8%.
The Russell 2000 is down 82.86 points, or 3.7%.7 Fintech Stocks That Will Continue To Disrupt Traditional Banking
In April 2021, JPMorgan Chase CEO Jamie Dimon described fintech companies as one of the “enormous competitive threats” to traditional banking. And with good reason. Fintech (short for financial technology) is not just “digital banking.” It’s a different approach to banking that traditional banks will not be able to replicate by outspending their competitors.
You see, cryptocurrency is getting a lot of attention for the way it’s disrupting the monetary system. But before there was bitcoin (CCC: BTC-USD), there was fintech.
What started out as a way to send money from one person to another without the need for a bank (i.e. peer-to-peer lending) has morphed into much more. Today, individuals and businesses can get loans, invest, and pay bills conveniently and securely. And they can do so without ever having to set foot into a bank.
Financial technology is democratizing finance for many individuals who have been left behind by the traditional banking system. The “unbanked” is a huge target audience. But whereas fintech started as reaching those that were unbanked out of necessity; it is cultivating a new audience among those who are going unbanked by choice.
In this special presentation, we’ll look at seven fintech companies that are leading in this space today and will do so well into the future.
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