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Stock Market, Bitcoin, Tesla: Live Business News Updates

A Bitcoin A.T.M. in New York. Bitcoin continued to rise, fueled by Tesla’s announcement that it had purchased $1.5 billion worth of the digital currency.
Credit…Michael M. Santiago/Getty Images

Bitcoin continued its recent rise, fueled by Tesla’s announcement on Monday that it had purchased $1.5 billion worth of the digital currency and would start accepting Bitcoin payments. Bitcoin rose above $48,000 per coin early on Tuesday, a record, according to CoinDesk, a trading platform for digital currencies.

It is up more than 45 percent in 2021, and other cryptocurrencies are rising, too — including Dogecoin, which was started as a joke before it rose about 1,000 percent over the past week.

The momentum has been building as more stock-trading apps allow users to buy, hold and sell cryptocurrencies, reported Nathaniel Popper for The New York Times: “The rally is a moment of euphoria for the thousands of different versions of digital money, which years ago were dismissed as little more than online Beanie Babies caught in a speculative bubble,” he wrote.

  • Wall Street is expected to open lower when trading starts later on Tuesday, taking a cue from European markets that were generally lower. Asian markets closed mixed.

  • The S&P 500 on Monday closed higher for the sixth consecutive day, gaining 0.7 percent and moving further into record territory.

  • But that momentum slowed in Asia. The Nikkei in Japan gained 0.4 percent, while the Kospi in South Korea fell 0.2 percent.

  • European market were moderately lower. The DAX in Germany fell 0.6 percent, the FTSE in Britain lost 0.1 percent and the Stoxx Europe 600 dropped 0.4 percent.

  • Oil futures struggled to keep gains made on Monday, when prices finally recovered to their prepandemic levels. West Texas Intermediate, the American benchmark, was down about 0.2 percent, while the global benchmark, Brent crude, was flat, still above $60 a barrel.

  • Total, the French oil producer, reported better-than-expected earnings, with adjusted net income of $4.06 billion for all of 2020. Its shares rose 1 percent.

  • Democrats in the House on Monday proposed legislation to send stimulus checks of $1,400 to Americans earning up to $75,000 and households with incomes up to $150,000. The direct payments are a critical part of President Biden’s stimulus plan, although the proposal may run into opposition from Republicans and some Democrats who want to focus the payments on lower-income Americans.

  • House committees on Tuesday are expected to begin considering the overall $1.9 trillion package, aimed at supporting the economy through the pandemic.

  • Ocado, the online supermarket based in Britain, reported a 35 percent rise in sales over the past year. As the company invests in new warehouses, “The landscape for food retailing is changing, for good,” said the chief executive, Tim Steiner.

  • Still, the company reported a net loss of 44 million pounds (about…

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