Nasdaq Posts Weekly Gain as Fed Raises Interest Rates, Bitcoin Extends Rally
The Nasdaq Composite posted a weekly gain of 0.7% after settling mixed on Friday, while the Dow Jones index recorded its worst week since March.
The Federal Reserve raised the federal funds target range by 25 basis points to 3.75%-4.00%, and Kansas City Fed President Jeffrey Schmid defended rate hikes against sticky inflation above 3%.
Bitcoin extended a roughly 5% weekly advance after the Securities and Exchange Commission granted an innovation exemption for tokenized stocks, with Strategy Inc. (NASDAQ:MSTR) surging over 16% and Bitmine Immersion Technologies Inc. (AMEX:BMNR) climbing around 9% on digital-asset treasury trade.
Most sectors on the S&P 500 closed on a negative note, but information technology and industrials stocks bucked the trend, closing higher.