Market Update: Stocks Gain Amid Calmer Bond Yields
On Friday, the Dow Jones Industrial Average rose 0.89%, the Nasdaq Composite increased by 0.70%, and the S&P 500 climbed 0.68% as bond market volatility subsided. This marks a rebound for the S&P 500, with only its second up day in six sessions since a record on August 13.
Notable stock movements included Robinhood surging 11.9% and Coinbase rising 9.2%, fueled by a 5.9% jump in Bitcoin. Tesla also gained about 4%, driven by news of regulatory approvals for robotaxis and the Tesla Semi, despite announcing the largest-ever recall in China affecting millions of vehicles.
As of Friday, the 10-year Treasury yield fluctuated near 4.7%, providing relief for stocks sensitive to interest rates. This calm followed a week where heightened yields and earnings reports dominated market sentiment.
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