Stocks Rise as Bond Market Calms Down
The US stock market ended the week on a positive note, despite a tumultuous few days. The Dow Jones Industrial Average rose 0.89%, while the Nasdaq Composite and S&P 500 added 0.70% and 0.68%, respectively.
Crypto-linked stocks led the gains, with Robinhood up 11.9% and Coinbase 9.2%. Tesla also performed well, increasing about 4% on news of its robotaxi and Semi initiatives in Nevada and Europe, despite a major recall in China.
The calm in the bond market, which had driven stock price fluctuations earlier in the week, gave stocks sensitive to interest rates some breathing room. The 10-year Treasury yield remained high at around 4.7%, but traded within a narrower range than before.
Bitcoin jumped 5.9% on the day, and gold prices rose 2% as measured by the SPDR Gold Shares fund.