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US stocks rose on Friday as investors awaited more details on President Trump's "economic warfare" plan against Iran and bitcoin's price (BTC-USD) soared.
The Dow Jones Industrial Average (^DJI) rose 0.6%, while the S&P 500 (^GSPC) added 0.3%.
The tech-heavy Nasdaq Composite (^IXIC) gained 0.2% afterstocks closed down the day before.
Stocks were headed for weekly losses after a bond sell-off this week put pressure on capital-intensive AI and tech names like Nvidia (NVDA) and SpaceX (SPCX).
Bitcoin (BTC-USD) continued to rise, reaching $77,000 as the cryptocurrency headed for its best week in nearly three years.
On Thursday, Treasury Secretary Scott Bessent shared plans toexpand bond buybacksand increase the program's size beyond $4 billion per issue.
"Part of it is signaling here to show that we believe yields don't reflect the underlying fundamentals," Bessent told CNBC.
But relief in the bond market lasted only a short while as markets viewed the measure as a limited fix, with the 10-year (^TNX) and 30-year Treasury yields (^TYX) snapping back to previously held higher levels.
Investors are now looking ahead to Bessent's press conference on Monday, where he will unveil the details of theUS's plan to economically isolate Iranin the latest phase of the Middle East war.
Earlier in the week, Trump threatened to inflict "TREMENDOUS Economic Consequences" on any country that trades with Iran, which put the focus on China, which sources oil from the Gulf.
The Fed's Jackson Hole Symposium and Nvidia's second quarter earnings next week are also coming into view.
In the meantime, the release of S&P Global's Purchasing Managers' Index will provide investors with a read on the health of the manufacturing and services sector, while quarterly results from BJ's Wholesale Club (BJ) showed that the warehouse club's value proposition resonated with cost-conscious consumers..
| Product | Price | Change |
|---|---|---|
| Brent Crude | $102.14/bbl | +0.34% |
| WTI Crude | $96.90/bbl | +0.21% |
| EN590 Diesel | $846/MT | +0.18% |
| Jet Fuel A-1 | $1090/MT | +0.55% |
| Mazut M100 | $450/MT | -0.15% |
| Bitumen 60/70 | $470/MT | +0.08% |
| Sulphur Gran 99.5% | $470/MT | -0.44% |
| Urea 46% Gran | $650/MT | +1.12% |
| NPK 16-16-16 | $460/MT | -0.28% |
| Nat Gas TTF | $15.42/MMBtu | +0.92% |
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