US Stocks Surge as Treasury Yields Steady, Oil Prices Dip
The US stock market experienced a significant rebound on Friday, August 21, after a roller-coaster ride on Thursday that saw the Dow Jones industrial average plummet more than 700 points. Rising Treasury yields and disappointing earnings from major retailers had rattled sentiment, but early signs of stabilization in the bond market helped lift equities into the green.
The Dow Jones Industrial Average gained 358.86 points to 53,118.07, with financials and industrials leading the gains. Goldman Sachs and Caterpillar were among the top performers. The S&P 500 rose 28.99 points to 7,670.15, snapping a three-day losing streak, while Oracle, Estée Lauder, and Target were among the index's top gainers.
The Nasdaq Composite edged higher, trimming weekly losses after a 1% drop in the prior session. Tech giants Apple and Amazon slipped, but Cisco and Broadcom posted gains. Meanwhile, oil prices dipped, with WTI crude falling 0.28% to $86.58, despite being on track for a second straight weekly advance.
Gold futures surged 1.63% to $4,589.23, marking a three-month high as the dollar index slipped and the metal is poised for a fifth consecutive weekly gain. Bitcoin traded near $75,343, up roughly 20% on the week amid crypto-policy optimism.