Shares on Wall Street rallied last Fri, building on a rally that began earlier in the week. The Dow Jones Industrial Average gained 823.32 pts, or 2.68%, to close at 31,500.68. The broader S&P 500 index rose 3.06%. The tech-heavy Nasdaq Composite advanced 3.34%. The small-cap Russell 2000 gained 3.16%.
Megacap tech stocks rose last Fri, including Apple (AAPL US, +2.45%), Microsoft (MSFT US, +3.41%) Amazon (AMZN US, +3.58%), Alphabet (GOOGL US, +5.11%), NVidia (NVDA US, +5.55%), and Meta Platforms (META US, +7.19%).
For the week, the Dow rose 5.4%, the S&P 500 gained nearly 6.5%, while the Nasdaq Composite jumps 7.5%. Shares found their footing last week after US Treasury yields began to pull back and commodity prices slid.
However, on Fri, the stock market surge was accompanied by higher Treasury yields and crude oil prices. The yield on the 10-year Treasury note notched up 4.31 basis points (bps) to 3.1301%, while the yield on the 2-year Treasuries rose 4.86 bps to 3.0632% on Fri.
The front-month Brent and WTI futures closed up $3.07 at US$113.12/bbl and $3.35 at US$107.62/bbl respectively. The ICE dollar index (DXY), which measures the strength of the greenback against a basket of currencies, fell 0.24% to 104.185.
The most actively traded US gold futures (Aug) contracts settled up $0.50, or 0.03%, at US$1,830.30/oz. July silver, which is the most actively traded silver futures, rose 8.3 cents, or 0.4%, to end at US$21.125/oz.
Bitcoin (XBTUSD) climbed back above the $21,000 level amid a broader rally in risk assets. Coinbase (COIN US, +6.5%) shares gain as much as 9%.
European equity markets finished higher last Fri. The UK FTSE gained 2.68%, France's CAC 40 rose 3.23%, while the German DAX advanced 1.59%