Dow Jumps 518 Points as Treasury Yields Climb, but Ends Week Down 0.9%
Updated
Updated · CNBC · Aug 20
Dow Jumps 518 Points as Treasury Yields Climb, but Ends Week Down 0.9%
3 articles · Updated · CNBC · Aug 20
Summary
517.80 points lifted the Dow to 53,277.01 on Friday, while the S&P 500 and Nasdaq each gained 0.43% as investors stabilized after Thursday’s yield-driven selloff.
Healthcare stocks including Merck and Johnson & Johnson led the Dow, while financials and crypto-linked names also rallied as bitcoin logged a 22% weekly advance; Robinhood jumped nearly 14% and Coinbase rose 8%.
Treasury pressure still hung over the rebound: the 10-year yield rose more than 3 basis points to 4.734% and the 30-year to 5.273%, with investors still worried higher oil prices could fuel inflation.
Weekly losses remained intact despite Friday’s bounce, with the S&P 500 down 1.4%, the Nasdaq off 2% and the Dow lower by 0.9%; the MSCI All Country World Index fell almost 1%.
Next week’s Jackson Hole speech from Fed Chair Kevin Warsh is now a key focus as investors look for guidance on yields and broader policy questions, including central bank independence.