Stocks Close Chaotic Week with Gains as Bond Market Calms Down
The stock market closed out a chaotic week on a high note as major indices rose on Friday. The Dow Jones Industrial Average led the way, climbing 0.89%, followed closely by the Nasdaq Composite at 0.70% and the S&P 500 at 0.68%. A calmer bond market helped stocks sensitive to interest rates breathe easier.
The rally was fueled in part by crypto-linked stocks, with Robinhood up 11.9% and Coinbase up 9.2%. Tesla also made significant gains, rising about 4% on news of robotaxi approvals and the upcoming European launch of the Tesla Semi.
A notable absence from Friday's trading was any reaction to Tesla's largest-ever recall in China, which involved millions of vehicles but is expected to have a software update and sticker fix. Despite this setback, the stock remains down only 21% for the year.