Dow Rallies as Bitcoin Hits $77,000 Amid Turbulent Market Conditions
The US stock market closed on a high note last Friday, with the Dow Jones Industrial Average leading gains. The Dow rose by 0.7% to add around 390 points by late morning. The S&P 500 and Nasdaq Composite also saw gains of 0.4% and 0.3%, respectively.
The surge in stocks came after a rough week driven by a bond market sell-off, which culminated in Thursday's losses. However, the recovery was short-lived for tech stocks, with chip and AI infrastructure names pulling back on Friday. This marked the sixth consecutive day of declines for the sector, its longest losing streak since September 2022.
Bitcoin, on the other hand, continued its upward trend, reaching a price milestone of $77,000. This puts it on track for its best weekly performance in close to three years, standing out against the turbulent market conditions.