- The Nasdaq jumped more than 3% as major indices recouped some of their losses in a losing trading week.
- The Dow Jones jumped 545 points as crypto, oil and other risky assets rallied.
- For the week, the Dow Jones ended down 2.1%, the S&P 500 lost 2.4% and the Nasdaq fell 2.8%.
U.S. stocks ended Friday with strong gains, partly rebounding from an earlier rout, but major indexes still ended the week with significant losses.
For the week, the Dow Jones ended down 2.1%, the S&P 500 lost 2.4% and the Nasdaq fell 2.8%. Cryptocurrencies also rebounded on Friday from this week’s slump, but bitcoin is recording its longest streak of weekly losses.
Here’s where the U.S. indices stood as the market closed at 4:00 p.m. Friday:
Elon Musk is aiming to secure new funding for his $44 billion Twitter takeover bid so it’s less risky and he’s less directly responsible for it, according to a Bloomberg report. By securing commitments from new investors, Musk could eliminate the need for a margin loan as well as the possibility of him investing more of his money if Tesla stock crashes.
Bank of America analysts wrote in a note that the market exodus has begun, but the bottom has not yet been reached. The “ultimate lows” are still on the way, analysts say.
In light of recent crypto
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 the crypto exchange misled them over the loss of a yen peg stablecoin.
Meanwhile, the Coinbase CEO assured investors this week that there was no talk of bankruptcy, but his junk bonds are now worth almost as little as Russia’s.
Oil rose, with West Texas Intermediate up 3.63% at $110.87 a barrel. Brent, the international benchmark, rose 3.67% to $111.39 a barrel.
Gold edged down 1.01% to $1,806.20 an ounce. The 10-year rate jumped more than 12 basis points to almost 2.94%.
Bitcoin rose 4.90% to $29,930.54.
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