The Dow climbs 250 points as Bitcoin nears the $100,000 mark
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U.S. stocks climbed on Friday, with all three major indices advancing toward solid weekly gains. The Dow Jones Industrial Average rose by 228 points, or 0.5%, while the broader S&P 500 edged higher by 0.1%. The tech-heavy Nasdaq Composite was flat. Meanwhile, The yield on the 10-year Treasury was at 4.408%, down 0.024 points from yesterday.
The positive performance reflects continued investor confidence amid favorable economic indicators and corporate earnings momentum.
Bitcoin nears a $100,000 milestone
Bitcoin is on the verge of hitting the $100,000 level. The cryptocurrency market saw a burst of activity early Friday as the leading cryptocurrency surged past the $99,486 mark before retracing its gains. The rally was fueled by growing optimism over potential regulatory easing following reports that U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler is expected to step down soon. Moreover, This remarkable ascent follows the debut of Bitcoin ETFs (exchange-traded funds) options earlier this week—a landmark event in the cryptocurrency industry.
Gap stock surges after earnings
One standout performer was Gap (GPS) (GAP+9.48%), whose shares soared over 8% in intraday trading. The retailer exceeded Wall Street’s expectations in its latest quarterly earnings report, buoyed by stronger-than-anticipated consumer demand and cost optimization measures. In addition to the earnings beat, Gap raised its full-year sales guidance, signaling optimism about its business outlook in a competitive retail landscape.
The company’s earnings per share came in at 72 cents, surpassing the expected 58 cents, while revenue totaled $3.83 billion, slightly exceeding the forecasted $3.81 billion.
