Stocks Rise While China’s Crackdown Roils Crypto: Markets Wrap
- China says all cryptocurrency-related transactions are illegal
- U.S. shares see worst weekly outflow in more than three years
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For all the turmoil in global markets earlier in the week, stocks managed to stay in the green. Traders shrugged off concerns over a Federal Reserve pullback in stimulus, contagion risks from distressed developer China Evergrande Group and Beijing’s latest crackdown on cryptocurrencies.
After fluctuating throughout most of the session, the S&P 500 staged a late-day rebound and notched a weekly advance. Energy and financial companies were among the biggest gainers Friday. Bitcoin tumbled alongside crypto-related shares like Riot Blockchain Inc. and Marathon Digital Holdings Inc. The Nasdaq Golden Dragon China Index -- which tracks some of the Asian nation’s largest firms listed in the U.S. -- sank.