U.S. stock indexes rebounded on Friday, with the Dow Jones Industrial Average climbing 0.75% to 53,157 points in early trading, recovering from its lowest close since early May. The broader S&P 500 rose 0.31% to 7,665 points, while the tech-heavy Nasdaq 100 slipped 0.18% to 29,161 points.
Commodity-linked and financial shares led gains as oil prices stabilized near recent highs. Freeport-McMoRan and Southern Copper both surged more than 6%, with Freeport reaching a record high and Southern Copper nearing one. The gains followed reports that China’s leadership plans to bolster economic growth with additional fiscal stimulus, according to Bloomberg.
Gold miners also advanced as the precious metal climbed to its highest level since May. Newmont Mining, Barrick Gold and Agnico Eagle Mines rose between 2% and 3%. The rally in gold prices accelerated after the U.S. Treasury unexpectedly announced plans to increase purchases of long-duration Treasuries, aiming to reduce borrowing costs by lowering yields.
Crypto-related equities outperformed, with Strategy, Coinbase and Robinhood Markets gaining between 5% and 12% as Bitcoin posted its strongest weekly performance in months. Financial heavyweights Goldman Sachs and American Express also climbed up to 1.7% in the Dow.
The rebound contrasted with Thursday’s pullback, when the Dow had erased gains from earlier in the week. Elevated Treasury yields, tied to concerns over high U.S. debt levels and persistent inflation, continued to weigh on sentiment despite the market’s recovery. Meanwhile, retailer Ross Stores rose 2.7% after raising its full-year earnings guidance following a strong quarter.
For the week, the Dow and S&P 500 remained on track for modest losses, while the Nasdaq 100 was poised to end slightly higher.
