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The S&P 500 rose on Friday as investors tried to find their footing following a steep sell-off driven by rising Treasury yields.
The Dow Jones Industrials zoomed 356.12 points to 53,115.33, supported by gains in healthcare stocks such as Merck and Johnson & Johnson.
The financials sector offered a boost to the broader market, with crypto-related stocks seeing sizable gains as bitcoin headed for a weekly gain of more than 20%. Robinhood shares jumped 12%, while Coinbase added 9%. Materials also outperformed, up 2% on the day.
The much-broader index picked up 20.46 points to 7,661.62.
The NASDAQ Composite hiked 18.58 points to 26,085.74.
Prices for the 10-year Treasury slumped, raising yields to 4.74% from Thursday’s 4.70%. Treasury prices and yields move in opposite directions.
Oil prices skidded 42 to $86.41 U.S. a barrel.
Gold prices spiked $88.10 to $4,582.00 U.S. an ounce.
