Dow and S&P 500 Bounce Back Amid Dollar Weakness
US stocks rallied across the board on Friday as bargain hunters returned to the market after recent declines. The Dow Jones Industrial Average surged 517.80 points, or 0.98 percent, to close at 53,277.01, while the S&P 500 gained 33.21 points, or 0.43 percent, to finish at 7,674.37.
The tech-heavy Nasdaq Composite added 113.29 points, or 0.44 percent, to end at 26,180.46, despite Treasury yields continuing their upward trend. The 30-year Treasury yield edged up 1 basis point to 5.28 percent, while the 10-year yield rose 3 basis points to 4.73 percent.
Cryptocurrency-related stocks performed well, with Coinbase and Robinhood jumping 8.2 percent and 14 percent, respectively. The Philadelphia Semiconductor Index fell 0.51 percent, led by declines in Micron, Nvidia, and Intel.
Gold prices rose 2.2 percent to $4,615.65 per ounce as investors sought alternative assets amidst the dollar's weakness. Bitcoin climbed towards the $80,000 mark amid the dollar's decline, gaining roughly 22 percent over the past week.