TRI:CC - Indexes Turn Positive
The Dow Jones Industrials gave up 230.28 points to 33,657.81.
The S&P 500 gained 10.77 points to 3,967.14.
The NASDAQ vaulted 116.17 points, or 1.1%, to 11,230.32.
All of the indexes are on pace for a winning week. The Dow is up 4% on a weekly basis, while the NASDAQ is up 7%. This week is a resumption of a comeback rally for the bear market which began in mid-October, but paused in recent weeks. The S&P 500 is now up nearly 14% from its bear market low, but still down 16% for the year.
Tech stocks on Friday shook off a decline in cryptocurrencies, which came under pressure Friday after FTX announced it's filing for bankruptcy, and CEO Sam Bankman-Fried resigned. Bitcoin fell 6%, and ether declined more than 7%. Tech stocks and related crypto stocks rebounded after opening lower Friday.
Prices for the 10-year Treasury gained a bit of ground, lowering yields to 3.81% from Thursday's 3.82%. Treasury prices and yields move in
opposite directions.
Oil prices climbed $1.69 to $88.16 U.S. a barrel.
Gold prices jumped $14.60 to $1,768.30 U.S. an ounce.