US stocks edged higher on Friday, with the Dow Jones Industrial Average leading gains while bitcoin hit a key price milestone.
The Dow rose 0.7%, adding around 390 points by late morning. The S&P 500 gained 0.4% and the Nasdaq Composite was up 0.3%.
The gains came after stocks closed lower on Thursday, capping a rough week driven by a bond market sell-off.
Bitcoin climbed to $77,000, putting it on track for its best weekly performance in close to three years.
The crypto rally stands out against a week that has otherwise been turbulent for markets.
Chip and AI infrastructure stocks pulled back on Friday after early gains. The S&P 500’s tech sector was on pace to fall for a sixth consecutive day, its longest losing streak since September 2022.
Stocks like Nvidia and Apple saw selling pressure as the session progressed.
There was no clear catalyst for the reversal. Analysts pointed to thin summer trading volumes and profit-taking as likely contributors.
The Dow outperformed because of its price-weighted structure. Big gainers like Goldman Sachs and Amgen carried more weight than declining tech names.
The Invesco S&P 500 Equal Weight ETF also rose 0.7%, suggesting broad market strength outside of tech.
Treasury Secretary Scott Bessent announced plans on Thursday to expand the government’s bond buyback program beyond $4 billion per issue.
He said the move was intended to signal that Treasury yields do not reflect underlying economic fundamentals.
Markets initially responded positively, but the relief was short-lived. The 10-year and 30-year Treasury yields quickly returned to elevated levels.
Investors are now focused on Bessent’s Monday press conference, where he is expected to lay out the US plan to economically isolate Iran.
Earlier this week, President Trump threatened “tremendous economic consequences” for any country that buys oil from Iran, with attention falling on China as a key buyer.
BJ’s Wholesale Club reported quarterly results that showed cost-conscious shoppers continue to favor its value model.
Looking ahead, markets face a packed calendar. The Federal Reserve’s Jackson Hole Symposium is on the horizon, along with Nvidia’s second quarter earnings report.
S&P Global’s Purchasing Managers’ Index data is also due, giving investors a read on manufacturing and services sector health.
As of Friday morning, the week is shaping up as a split outcome: gains for crypto and the broader market, losses for tech.
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