BTC Surges Past $77K as US Equities Rebound
US equities stabilized on Friday after a rough week, with Treasury yields leveling off and risk appetite returning to the market. Bitcoin (BTC) surged past $77,000, up more than 20% for the week and on track for its best weekly gain since 2023.
The S&P 500 rose 0.6% by midday, poised to snap a three-session losing streak that had knocked the index down over 1% on the week. The Dow Jones Industrial Average outperformed, climbing 423 points, or 0.8%, to 53,182.17.
Gold prices jumped 2.1% to $4,609.70 an ounce, a three-month high, as the dollar index headed for a weekly loss of nearly 1%. The small-cap Russell 2000 rose 0.7% to 3,011.99, extending its year-to-date gain of more than 21%.
Several sectors saw significant gains, including materials and mining stocks. The SPDR S&P Metals & Mining ETF surged 3.5%, while the VanEck Gold Miners ETF rose 2.7%. On the other hand, the Utilities Select Sector SPDR Fund slid 1.4% in a broad unwind of the power-and-data-center trade.
Some notable gainers included Robinhood Markets Inc., up 11.8% after Trump's public support for the Digital Asset Market CLARITY Act, and Coinbase Global Inc., which rose 8.4% as bill proponents expressed optimism ahead of a Sept. 15 Senate procedural vote.