Dow and S&P 500 Rise While Bitcoin Hits $77,000 in Best Week in Three Years

TLDR

• US stocks rose Friday with the Dow up 0.7%, S&P 500 up 0.4%, and Nasdaq up 0.3%
• Bitcoin surged to $77,000, heading for its best week in nearly three years
• Tech and chip stocks fell for a sixth straight day, the longest losing streak since September 2022
• Treasury Secretary Scott Bessent announced expanded bond buybacks, but bond yields quickly snapped back
• Investors are watching next week’s Jackson Hole Symposium, Nvidia earnings, and Bessent’s Iran economic plan press conference

US stocks edged higher on Friday, with the Dow Jones Industrial Average leading gains while bitcoin hit a key price milestone.

The Dow rose 0.7%, adding around 390 points by late morning. The S&P 500 gained 0.4% and the Nasdaq Composite was up 0.3%.

The gains came after stocks closed lower on Thursday, capping a rough week driven by a bond market sell-off.

Bitcoin climbed to $77,000, putting it on track for its best weekly performance in close to three years.

The crypto rally stands out against a week that has otherwise been turbulent for markets.

… Continue reading the full article at the original source below.