S&P 500 Ends Three-Week Winning Streak as Bond Yields Rise and Bitcoin Soars
TLDR
- The Dow rose 518 points (1%) on Friday, with the S&P 500 and Nasdaq each gaining 0.4%
- All three major indexes still closed lower for the week, ending three-week winning streaks for the S&P 500 and Nasdaq
- Bitcoin reached $77,000, recording its best week in two years
- Bond market volatility continued after Treasury Secretary Scott Bessent’s buyback plan gave only brief relief
- Investors are watching Nvidia earnings and the Jackson Hole Symposium next week
US stocks closed higher on Friday, but it was not enough to rescue a rough week for the major indexes. The Dow Jones Industrial Average gained 518 points, or about 1%. The S&P 500 and Nasdaq Composite each added 0.4%.
Despite the Friday bounce, all three indexes posted weekly losses. The gains ended three-week winning streaks for both the S&P 500 and the Nasdaq.
Trading volume was light through much of Friday afternoon. Many traders appeared to have left early, with Labor Day approaching and summer winding down.
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