The S&P 500 rose 33.17 points to close at 7,674.32 on Thursday, and the Dow Jones Industrial Average jumped 518.05 points after the US Treasury moved to double its long-term bond buyback operations. Even after the rebound, all three major indices finished the week lower, with the Nasdaq posting the steepest weekly drop.
The S&P 500 gained 33.17 points, or 0.43%, to close at 7,674.32 on Thursday, a move that nearly matched the Nasdaq's 0.43% advance to 26,180.45. The Dow Jones Industrial Average led the session, surging 518.05 points, or 0.98%, to 53,282.32.
Treasury buyback eases pressure on yields
The rebound followed the US Treasury's announcement that it was doubling its long-term bond buyback operations to at least $4 billion, a step designed to relieve the upward pressure on yields that had weighed on equities for days. Lower yields make stocks more attractive on a relative basis, and indices reacted accordingly.
Renewed strength in cryptocurrency markets added to the shift toward risk assets, with Bitcoin rallying roughly 20% over the week leading into Thursday's session.
Nasdaq and S&P settle between key moving averages
Both indices ended the week caught between their 100-hour and 200-hour moving averages, a range that leaves the near-term technical bias neutral until one of those levels breaks. The S&P remains the stronger of the two, having pushed to fresh all-time highs during its August rally, while the Nasdaq stays below the record it set in early June.
For the week, the S&P 500 still fell 1.43% and the Nasdaq dropped 2.05%, even after Thursday's rebound. Nebius led the weekly decliners, tumbling more than 21% after announcing a large convertible debt offering. Arm fell 12.89%, Intel dropped 12.14% and CrowdStrike lost 11.47% over the same week.
Sources: Crypto Briefing, Investinglive
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