Stocks Rebound From Sell-Off Amid Rising Yields, Bitcoin Surges Over 20%

Stocks staged a Friday rebound from their earlier sell-off driven by rising Treasury yields. Despite this recovery, major indexes ended the week in the red.

The S&P 500 and Nasdaq Composite both gained 0.43%, while the Dow Jones Industrial Average outperformed with a 0.98% increase. Bitcoin was the standout performer of the week, surging more than 20%. Its rally began on Wednesday after the U.S. Treasury announced increased buybacks of government debt, triggering a brief surge in riskier assets.

However, most assets quickly fell back as the market digested the news. Not so for Bitcoin, which continued to climb due in part to a large short squeeze where $2.7 billion in short positions were liquidated, according to data from CoinGlass.