US stocks jump as crypto and other risk assets rebound after massive rout

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US stocks jump as crypto and other risk assets rebound after massive rout
Spencer Platt/Getty
  • US stocks and cryptocurrencies climbed Friday following this week's brutal sell-off and collapse of stablecoin Terra.
  • Bitcoin gained Friday, but it is on track for its longest streak of weekly losses ever.
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US stocks climbed Friday, though major indexes remained on track for a losing week. Friday's reversal comes following six straight declines for the Dow Jones Industrial Average and a brutal crypto sell-off connected to the collapse of stablecoin Terra.

Cryptocurrencies bounced back after this week's market meltdown, though bitcoin is still on track for its longest streak of weekly losses ever.

The ongoing slump across the market has erased much of the pandemic gains, particularly in the tech-heavy Nasdaq.

Here's where US indexes stood as the market opened 9:30 a.m. on Friday:

As Terra continues to melt down, Terraform Labs completely switched off the crypto project's network after failing to stem the 99% decline.

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Treasury Secretary Janet Yellen said that the risks related to stablecoins are "growing very rapidly," but do not yet pose a real threat to financial stability.

Twitter stock plunged 25% early Friday after Elon Musk tweeted that his $44 billion takeover bid is on hold, the pause coming as he awaits more details on the fake accounts across the social platform.

At the same time, Warren Buffett's Berkshire Hathaway boosted its bet on Occidental Petroleum to about $7.5 billion, buying another $52 million in the energy stock.

Meanwhile, Russian diesel exports dipped as the Ukraine war ramps up pressure across the globe on the key industrial fuel. Diesel prices in the US hit a record high of $5.56 per gallon Friday, AAA data shows.

Oil moved higher, with West Texas Intermediate up 2.79% to $108.98 a barrel. Brent crude, the international benchmark, moved up 2.49% to $110.13 a barrel.

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Gold edged lower 1.07% to 1,804.20 per ounce. The 10-year yield inched up 0.98 basis points to 2.915%.

Bitcoin rose 6.82% to $30.481.95.

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