There’s been a setback for Facebook’s cryptocurrency, Libra, the markets moved higher and more in Friday’s Closing Bell on Money & Markets.
Facebook Inc. (Nasdaq: FB) getting regulatory approval for its Libra cryptocurrency is going to have to wait beyond the planned June date.
Swiss President Ueli Maurer said the project “has failed in its current form and needs reworking to be approved,” according to Reuters.
Switzerland is where the cryptocurrency is seeking regulatory consent from the Geneva-based Libra Association.
Money and Markets: Closing Bell
S&P 500: 3,240 (unchanged)
DOW: 28,645 (+23 points, +0.08%)
NASDAQ: 9,006 (-15 points, -0.17%)
GOLD: $1,510.94* (+1.64, +0.11%)
BITCOIN: $7,204.28* (-0.48%)
U.S. 10-YEAR YIELD: 1.87%
*As of 4:05 p.m. EST
Golden Nuggets
Gold continued its rally and looks to close 2019 out strong. It was priced at $1,517.10 — a 0.18% increase — an ounce in Friday afternoon trading.
February Comex gold futures were up 2.4% during the week to $1,516.10 an ounce, according to Kitco News.
Silver dropped slightly to $17.79 an ounce while platinum was up to $945 and palladium jumped to $1,888.
Cannabis Corner
Cannabis stocks were mixed Friday with most closing the week with losses.
Aurora Cannabis Inc. (NYSE: ACB) was down 3.25% while Canopy Growth Corp. (NYSE: CGC) was up 0.5% in Friday afternoon trading.
In other cannabis news, an Italian court ruled earlier this month that people can grow cannabis in small amounts for their personal consumption, according to New York Daily News.
The news sparked political debate in Italy, where growing cannabis is actually illegal. The Court of Cassation ruling presents an exception to national law.
Note: Be sure to check out “Marijuana Markets: a POTcast,” featuring the biggest cannabis news and investment notes from Banyan Hill’s Anthony Planas, here on Money and Markets each Saturday morning.
Stock Market Update
The S&P 500 closed unchanged at 3,240 points.
The Dow Jones Industrial Average rose 23 points, or 0.08%, to 28,645. The Nasdaq composite slipped 0.17%.
TODAY’S BIGGEST WINNERS:
(as of 3.15 p.m. EST)
Nike Inc. (NYSE: NKE) +0.7%
Ulta Beauty Inc. (Nasdaq: ULTA) +1%
Centurylink Inc. (NYSE: CTL) +2.7%
Conagra Brands Inc. (NYSE: CAG) +1.5%
Kimco Realty Corp. (NYSE: KIM) +1.3%
TODAY’S BIGGEST LOSERS:
(as of 3:15 p.m. EST)
American Airlines Group Inc. (Nasdaq: AAL) -4.1%
Micron Technology Inc. (Nasdaq: MU) -1.6%
Under Armour Inc. (NYSE: UA) -1.4%
Devon Energy Corp. (NYSE: DVN) -1.8%
Pfizer Inc. (NYSE: PFE) -0.2%
Check back for the most important news and numbers each day after the Closing Bell, only on Money and Markets.