Dow Climbs on Calmer Bond Market, Crypto Stocks Lead the Way

The stock market closed out a tumultuous week on a relatively quiet note. The Dow Jones Industrial Average rose 0.89%, the Nasdaq Composite 0.70%, and the S&P 500 0.68%. This upswing was largely driven by crypto-linked stocks, with Robinhood up 11.9% and Coinbase up 9.2%. These gains were also fueled by a calmer bond market, which saw yields stabilize after several days of wild swings.

Bitcoin jumped 5.9%, while assets competing with bonds, such as gold, also rose. The SPDR Gold Shares fund climbed 2% and physical and digital gold are increasing in tandem. This trend has been anticipated by crypto investors for years but is becoming less rare.

Tesla was a notable single-stock gainer, rising about 4%, despite its largest-ever recall in China. Investors focused on forward catalysts, including the approval of up to 5,000 robotaxis in Nevada and an upcoming European launch of the Tesla Semi.