Stocks Rebound on Strong Services Data; Bitcoin Tops $77,000

U.S. stocks rebounded on Wednesday after a strong services sector report from S&P Global, which showed that business activity in the industry grew at its fastest pace in 20 months.

The Dow Jones Industrial Average rose 0.98% to 53,277.01, while the S&P 500 gained 0.43% to 7,674.37 and the Nasdaq Composite advanced 0.44% to 26,180.46.

The services Purchasing Managers' Index (PMI) business activity reading came in at 56.8, up 2.2 points from the prior month, marking the largest monthly increase in 20 months.

Bond market unease persisted, with the 10-year Treasury yield climbing to 4.73%, but investors remained optimistic about the economy's resilience despite high interest rates and Middle East-driven uncertainty.