Markets waiting on G20 | Is bitcoin back? | Mnuchin's trade deal optimism

WED, JUN 26, 2019

EVENING BRIEF

AS OF WED, JUN 26, 2019 • 04:15 ET

DJIA		26536.82
		-0.04%	-11.40

S&P 500		2913.78
		-0.12%	-3.60

NASDAQ		7909.97
		+0.32%	+25.25

Most Active

DOW
NAME	LAST	CHG	%CHG
PFE	42.99	-0.77	-1.76%
AAPL	199.80	+4.23	+2.16%
MSFT	133.93	+0.50	+0.37%

S&P 500
NAME	LAST	CHG	%CHG
MU	37.04	+4.36	+13.34%
AMD	29.92	+1.06	+3.67%
ABBV	68.00	+2.30	+3.50%

NASDAQ
NAME	LAST	CHG	%CHG
MU	37.04	+4.36	+13.34%
AMD	29.92	+1.06	+3.67%
AAPL	199.80	+4.23	+2.16%

EDITOR'S NOTE

Stocks are on track to an impressive first half of 2019. But the S&P's gains don't hold a candle to the rebound in bitcoin.

The world's first and largest cryptocurrency put mainstream assets to shame two years ago with a more than 1,200% rally to just under $20,000. Bitcoin then a 70% drop last year. Bulls are celebrating again though as the digital asset went above $13,400 for the first time since January of last year. This week alone, bitcoin is up more than 40%, and this year, bitcoin has more than tripled in value.

Crypto is tricky, since price moves can be opaque and one large buy or sell order has the ability to move the market. Analysts largely attributed this recent bitcoin bounce to more interest in the space following Facebook's announcement of a cryptocurrency project, key technical levels being broken, and safe haven buying amid increasing global tensions.

Recent dovishness from central banks has led global investors to turn to other alternative assets, such as gold. Jim Reid, Deutsche Bank's multi-asset analyst, called the bitcoin rally "striking" and perhaps Facebook's unveiling of its Libra currency "has seen investors look again at cryptocurrencies with fresh eyes."