U.S. Stocks Rise into G20 Weekend; Crypto Rally Falls Short

U.S. stocks traded in positive territory on Friday, as the high-profile G20 summit got underway in Buenos Aires, Argentina. Cryptocurrencies lost momentum following back-to-back gains, as bitcoin and the major altcoins ran into technical resistance.

Benchmarks Rise

All of Wall Street’s major indexes saw positive results in the final session of the week. The large-cap S&P 500 Index advanced 0.7% to 2,759.77, with ten of 11 primary sectors finishing in the green. The utilities sector, which is known for its defensive posture, outperform its peers. On the opposite side of the spectrum, energy shares finished lower on average.

The Dow Jones Industrial Average gained 192.09 points, or 0.8%, to close at 25,530.93. Meanwhile, the tech-laden Nasdaq Composite Index added 0.8% to finish at 7,330.54.

The Dow and S&P 500 ended a volatile November in positive territory while the Nasdaq finished only slightly lower during the month.

G20: Trade Truce?

Risk sentiment returned to the financial markets this week in anticipation of a high-profile trade summit between the United States and China. The leaders of both countries are scheduled to meet on the sidelines of the G20 ministerial meetings this weekend in Buenos Aires. According to Market Watch, analysts are anticipating a “trade truce” after Saturday’s meeting between presidents Trump and Xi.

President Trump has rebuked China’s request to delay a planned tariff hike early next year on $200 billion worth of goods, upping the ante on Beijing to bring more to the table during weekend negotiations. Goods currently taxed at 10% will be slapped with a 25% levy at the beginning of 2019 unless both countries are able to reach some kind of deal in Argentina.

On Thursday, President Trump cancelled an impromptu meeting with Russian counterpart Vladimir Putin this weekend after Moscow seized three Ukrainian ships near Crimea, triggering fresh tensions over the annexed region.

Crypto Recovery Loses Steam

Cryptocurrency prices were back on the defensive Friday, eroding some of the large gains made earlier in the week. There was no apparent catalyst behind the selloff, which means that technical trading was likely at play.

The combined value of all coins fell to around $130 billion, down from a high of $142 billion on Thursday, according to CoinMarketCap. With the decline, cryptocurrencies are mostly in the red over the past seven days.

Stellar and bitcoin cash are neck-and-neck in the market cap rankings, with XLM briefly overtaking BCH in value earlier in the day. At the time of writing, both coins were virtually indistinguishable in terms of market cap. Both are nursing heavy losses over the past seven days.

Bitcoin, the leading digital currency, briefly traded below $4,000 on Friday before recovering slightly later on in the session. At press time, BTC was worth $4,020, having declined 4.8%.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Chief Editor to Hacked.com and Contributor to CCN.com, Sam Bourgi has spent the past nine years focused on economics, markets and cryptocurrencies. His work has been featured in and cited by some of the world's leading newscasts, including Barron's, CBOE and Forbes. Avid crypto watchers and those with a libertarian persuasion can follow him on twitter at @hsbourgi