US stocks rise with the Nasdaq climbing more than 3% as risk assets rebound after days-long rout
Nasdaqjumped over 3% as the major indexes regained some of their losses on a losing week of trading.
Dowjumped as much as 545 points while crypto, oil and other risk assets rallied.
For the week, the Dow finished down 2.1%, the S&P 500 lost 2.4%, and the Nasdaq sank 2.8%. Cryptocurrencies also rebounded Friday following this week's meltdown, but bitcoin is notching its longest streak of weekly losses ever.
Here's where US indexes stood as the market closed 4:00 p.m. on Friday:
- S&P 500: 4,023.89, up 2.39%
- Dow Jones Industrial Average: 32,196.66, up 1.47% (466.36 points)
- Nasdaq Composite: 11,805.00, up 3.8%
Bank of America analysts wrote in a note that the market exodus has begun, but the bottom hasn't yet been reached. The "ultimate lows" are still on the way, according to the analysts.
In light of the recent crypto volatility, SEC Commissioner Hester Peirce said crypto regulation still needs to allow for trial and error in the market, and account for variations between stablecoins.
Millions of customers are suing Coinbase, alleging that the crypto exchange misled them about a stablecoin's loss of a yen peg.
Meanwhile, Coinbase's CEO assured investors this week there was no question of bankruptcy — but it's junk bonds are now worth almost as little as Russia's.
Bitcoin rose 4.90% to $29.930.54.
- Paradeep Phosphates lists at a 9% premium as Sensex and Nifty trade in the green
- The edtech bubble is bursting as schools, colleges reopen and funds dry up
- Godrej's Dorab Mistry shoots off angry letter to Indonesian government over palm oil issue
- Bharat NCAP – India is working on its own car safety assessment program, expected to be based on Global NCAP
- Bharti Airtel, HDFC, Zee Entertainment among stocks to watch out for on May 27