Stocks Rebound Midday Despite Palantir Slump; Bitcoin Rally Lifts Crypto-Linked Firms
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The stock market improved after a weak open, with the Dow down 0.4% and the Nasdaq paring losses to 1.2% at midday. Bitcoin-related stocks surged.
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Palantir shares sank over 8% on analyst concerns about potential headwinds for contract renewal with the U.S. Army.
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Coinbase, MicroStrategy, Marathon Digital shares jumped as the price of Bitcoin topped $42,000.
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Uber gained nearly 5% on news it will join the S&P 500 index on Dec. 18.
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Carvana stock rose 15% after JPMorgan upgraded the online used car retailer.