What you need to know on Wall Street today

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June 30, 2017 6:48 PM

Hello. Here's what you need to know on Wall Street today.

Warren Buffett.

Welcome to Finance Insider, Business Insider's summary of the top stories of the past 24 hours.

The markets have rallied by a resounding 258% since bottoming out in 2009 in the aftermath of the financial crisis, and they continue to reach new heights.

Concurrently, the hottest trend in wealth management has experienced explosive growth. Automated financial advisers, known as roboadvisers, rely on algorithms, not humans, to guide their investments. Such firms, which emerged after the financial crisis, have seen their assets under management balloon from millions in 2009 to hundreds of billions. Money managed by robos is expected to reach $8 trillion by 2020.

But some Wall Streeters are questioning whether pure roboadvice startups, which have spent the overwhelming majority of their existence in a bull market, could survive a major correction or bear market.

Evercore has been crushing it in dealmaking, and it's made another big hire. Australia's third-biggest lender is trying to find out who was behind a $300 million fraud. Deutsche Bank rejected House Democrats' call for Trump's finance details. And billionaire hedge funder Bill Ackman has set up his own Twitter account.

An Amazon engineer let strangers play $50,000 of his money on the stock market — a month later, he's beating the Nasdaq. And a Wall Street bank is betting Nvidia will win the cryptocurrency battle.

Lastly, if you want a very special Ferrari,

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