U.S. Stocks Rise as Bitcoin Nears $80,000; Bond Yields Hold Near Decade Highs

Dow Jones04:29
 
 

U.S. stocks rose Friday as a surging bitcoin and resilient crypto stocks helped lift sentiment. Treasury yields held near their highest levels in over a decade, however, and the S&P 500 posted its first weekly loss since late July.

The Dow Jones Industrial Average rose 517.80 points, or 0.98%, to 53277.01. The S&P 500 gained 33.21 points, or 0.43%, to 7674.37, while the Nasdaq Composite advanced 113.29 points, or 0.43%, to 26180.45. According to preliminary data, there were 1,652 advancing issues and 1,068 declining issues on the NYSE.

Bitcoin rose 6% to over $77,000, posting its best weekly performance in more than two years. The rally was driven by a combination of forces: Treasury Secretary Scott Bessent's bond buyback announcement, President Trump's push for crypto-friendly legislation and big inflows into spot bitcoin ETFs. Coinbase rose 8.2%, Robinhood jumped 14% and Strategy gained 6.1%.

The dollar fell to its lowest level since May against a basket of currencies, as investors worried that Treasury's bond buyback program signaled broader concerns about the U.S. fiscal position. Long-term Treasury yields ended the week near their highest levels in over a decade despite Bessent's buyback plans.

 
 

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