Pippa Stevens of CNBC.com brings you the top business news headlines of the day. Kate Rooney wraps up the watershed moment when Coinbase became a publicly traded company in today's show. Plus, Robert Frank explains how the red-hot Florida real estate market ay be overheated.
The cryptocurrency exchange went public Thursday, a day after the Coinbase shares went public in a blockbuster direct listing. The stock of the firm opened 1.68%, though had increased as high as 6.4% in the morning. The company said that it had temporarily disabled withdrawals of ether tokens due to an issue with a recent upgrade to the network of this currency. The so-called Berlin hard fork is part of a broader effort to make the Ethereum blockchain faster and more secure.
Retail sales explode in March as consumers use stimulus checks to spend heavily.
A aggressive batch of stimulus checks sent consumer purchases up in March as the U.S. economy continues to get juice from fresh congressional spending. The advance retail sales rose for the month to 9.8%, the Commerce Department reported on Thursday. That compared to the Dow Jones estimate of a 6.1% gain and a decline of 2.7% in February. Sporting goods, clothing and food and beverage led the gains in retail and contributed to the best month for shopping since the May 2020 gain of 18.3%, which followed the first round of stimulus checks.
Citigroup beats estimates on reserve release, says it is exiting 13 retail markets outside the United States.
Citigroup posted results on Thursday that beat analysts' estimates for the first quarter profit with a strong investment banking revenue and a larger-than-expected release of loan losses reserves. The firm also said that it was shuttering retail banking operations in 13 countries across Europe and parts of Asia to focus more on wealth management outside the United States, one of the first big strategic moves made by CEO Jane Fraser who took over in February.