Shares of banks and other financial institutions rose as strong home-sales data quelled fears about the impact of the Delta variant on the U.S. economic recovery.
Chicago hedge-fund giant Citadel is planning to redeem roughly $500 million of the $2 billion put into struggling Melvin Capital Management, whose bets soured in a historic short squeeze orchestrated by Reddit users, The Wall Street Journal reported.
Citadel and Steven A. Cohen's Point72 Asset Management effectively bailed Melvin out while it was reeling from losses generated by bets against GameStop and other meme stocks, in return for stakes in the firm.
Prices of cryptocurrencies rallied and bitcoin topped $50,000 for the first time since May amid further adoption of the volatile digital currency by mainstream financial institutions and tech concerns.
PayPal Holdings said Monday that it would introduce a service allowing U.K. customers to buy, hold and sell bitcoin, as well as ethereum, litecoin and Bitcoin Cash, offerings that it already provides U.S. customers.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
08-23-21 1633ET
