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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 517.80 points to 53,277.01, 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 23%. Robinhood shares jumped 13%, while Coinbase added 7%.
The much-broader index picked up 33.21 points to 7,694.37.
The NASDAQ Composite hiked 113.29 points to 26,180.46.
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 16 cents to $86.67 U.S. a barrel.
Gold prices spiked $104.20 to $4,675.60 U.S. an ounce.
