Wall Street Gains Amidst Bitcoin Surge and Fed Anticipations

Wall Street experienced slight gains, led by eased U.S. Treasury yields and a new high for Bitcoin, as investors prepared for the Federal Reserve's anticipated rate cut. Despite European market challenges, U.S. business activity gained traction. The potential formation of a Bitcoin reserve has sparked debate.

On Monday, Wall Street stocks edged upwards, driven by a decline in U.S. Treasury yields and investor preparations for a significant central bank meeting week. Bitcoin set a new record, buoyed by President-elect Donald Trump's suggestion to establish a Bitcoin strategic reserve.

The Federal Open Markets Committee (FOMC) is set to meet on Tuesday for its final 2024 monetary policy session, expected to end with a 25 basis point Fed rate cut. The Fed's economic forecasts will be under scrutiny as uncertainty on future rate paths remains amid strong economic indicators.

U.S. business activity accelerated, overcoming manufacturing sector issues, while Chinese retail sales data revealed a need for more stimulus. European stocks were pressured by France's downgrade, limiting market gains. The dollar index hovered as the Fed meeting's outcome was eagerly awaited.

(With inputs from agencies.)