Sunday, 22 May, 2022

US stocks rise with the Nasdaq climbing more than 3% as risk assets rebound after days-long rout

A trader works on the trading floor at the New York Stock Exchange (NYSE) in Manhattan, New York City, U.S., December 28, 2021.Andrew..

title A trader works on the trading floor at the New York Stock Exchange (NYSE) in Manhattan, New York City, U.S., December 28, 2021.
  • The Nasdaq jumped over 3% as the major indexes regained some of their losses on a losing week of trading. 
  • The Dow jumped as much as 545 points while crypto, oil and other risk assets rallied. 
  • For the week, the Dow finished down 2.1%, the S&P 500 lost 2.4%, and the Nasdaq sank 2.8%.

US stocks ended Friday with steep gains, partly rebounding from an earlier rout, but the major indexes still closed the week with significant losses.

For the week, the Dow finished down 2.1%, the S&P 500 lost 2.4%, and the Nasdaq sank 2.8%. Cryptocurrencies also rebounded Friday following this week's meltdown, but bitcoin is notching its longest streak of weekly losses ever.

Here's where US indexes stood as the market closed 4:00 p.m. on Friday: 

  • S&P 500: 4,023.89, up 2.39%
  • Dow Jones Industrial Average: 32,196.66, up 1.47% (466.36 points)
  • Nasdaq Composite: 11,805.00, up 3.8%

Elon Musk is aiming to secure new financing for his $44 billion Twitter takeover bid so it's less risky and he's less directly responsible for it, according to a Bloomberg report. In gaining commitments from new investors, Musk could eliminate the need for a margin loan as well as the potential that he puts up more of his cash if Tesla stock sinks. 

Bank of America analysts wrote in a note that the market exodus has begun, but the bottom hasn't yet been reached. The "ultimate lows" are still on the way, according to the analysts.

In light of the recent crypto volatility, SEC Commissioner Hester Peirce said crypto regulation still needs to allow for trial and error in the market, and account for variations between stablecoins. 

Millions of customers are suing Coinbase, alleging that the crypto exchange misled them about a stablecoin's loss of a yen peg.

Meanwhile, Coinbase's CEO assured investors this week there was no question of bankruptcy — but it's junk bonds are now worth almost as little as Russia's.

Oil moved higher, with West Texas Intermediate up 3.63% to $110.87 a barrel. Brent crude, the international benchmark, moved up 3.67% to $111.39 a barrel. 

Gold edged lower 1.01% to $1,806.20 per ounce. The 10-year yield jumped more than 12 basis points to nearly 2.94%.

Bitcoin rose 4.90% to $29.930.54.

Read the original article on Business Insider
By: [email protected] (Phil Rosen)
Title: US stocks rise with the Nasdaq climbing more than 3% as risk assets rebound after days-long rout
Sourced From: markets.businessinsider.com/news/stocks/stock-market-news-today-us-indexes-surge-close-losing-week-2022-5
Published Date: Fri, 13 May 2022 20:06:54 +0000