Closing Bell: Stocks Close Well Off Lows, Crypto Crumbles, The Trade on Credit Cards 5/12/22

Stocks staged a late-day comeback, with the Nasdaq turning positive and reversing an earlier 2% loss. David Rolfe from Wedgewood Partners makes the case for some of the beat down big tech stocks, including Apple – which just lost its crown as the world’s most valuable company. Meantime Bitcoin prices touched their lowest level since 2020. The CEO of crypto fund Polychain Capital discusses when prices could stabilize. And Wolfe Research analyst Bill Carcache explains why he just downgraded American Express, which was one of the worst performing Dow stocks in the session.