US stocks rose Friday and trimmed their losses from a shaky week. That was even though the bond market, which has been the center of Wall Street's action, remained jumpy and continued to add pressure.
- The Dow rose 517.80 points, or 1%, to 53,277.01, ending the week down 0.8%.
- The S&P 500 rose 33.21 points, or 0.4%, to 7,674.37, dropping 1.4% for the week.
- The Nasdaq composite rose 113.29 points, or 0.4%, to 26,180.45, falling 2.1% for the week.
Ross Stores helped lead the way, the AP reports, rising 4.4% after reporting stronger profit and revenue for the latest quarter than analysts expected. CEO Jim Conroy said it saw both an increase in new customers and more interest from existing customers, while the off-price retailer at the same time benefited from refunds on tariffs. Most US companies have reported bigger profits for the spring than analysts expected, which has helped drive stocks to records. Stock prices tend to follow the path of corporate profits over the long term. Hopes for continued profit growth got a boost from a preliminary report by S&P Global suggesting growth for US business activity hit a 52-month high. But the other big lever that helps set stock prices, interest rates, has been much shakier.
Bitcoin has climbed above $77,000 from less than $63,000 a week ago. That helped stocks in the crypto industry lead Wall Street. Robinhood Markets jumped 13.7%, and Coinbase Global gained 8.2%. That helped drive stocks of miners higher. Newmont climbed 3.1%, and Freeport-McMoRan jumped 7.6%. They helped offset a 5.2% drop for OSI Systems, which sells security screening equipment to airports and other specialized electronic systems. It reported weaker revenue for the latest quarter than analysts expected, and CEO Ajay Mehra said it was hurt by "the Middle East conflicts which shifted the timing of certain planned deliveries." Boston Beer sank 2.6% after the seller of Samuel Adams and Dogfish Head said its chief financial officer is leaving the company.
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