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The S&P 500 rose on Friday as investors tried to find their footing following a steep selloff driven by rising Treasury yields.
The Dow Jones Industrials zoomed 467.77 points to 53,226.98, 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 52.63 points to 7,697.79.
The NASDAQ Composite hiked 185.61 points to 26,252.78.
The NASDAQ is off by nearly 2%, and also poised to end a three-week win streak, while the Dow has fallen around 1% on the week and is on track for back-to-back weekly losses.
Prices for the 10-year Treasury slumped, raising yields to 4.73% from Thursday’s 4.70%. Treasury prices and yields move in opposite directions.
Oil prices skidded four cents to $86.79 U.S. a barrel.
Gold prices spiked $95.90 to $4,666.90 U.S. an ounce.
