Stocks Rise Amid Solid Economic Data, Bitcoin Hits $77,000
The US stock market extended its August advance as business activity grew at its fastest pace in over four years. The Dow Jones Industrial Average rose by 1%, while the Nasdaq 100 halted a five-day decline ahead of Nvidia Corp.'s earnings report on Wednesday.
Bitcoin surged to around $77,000, but Treasuries saw mild losses. Oil also notched a weekly gain, despite concerns over debt issuance and rates driving down equities.
Investors are assessing the impact of recent bond yield spikes, fueled by worries about inflation and government spending. Treasury Secretary Scott Bessent's promised initiative to curb long-term borrowing costs is expected to stabilize yields in the coming weeks.
Analysts warn that a failure to tame long-term yields would pressure the dollar and lead to short bets against riskier assets before November's midterm elections.