Dow Rallies; Bitcoin Extends Declines — WSJ
By Caitlin McCabeStocks finished higher Friday, with the Dow industrials clawing back the previous session's losses, after New York Federal Reserve President John Williams made the case for a near-term cut to interest rates.The gains cap a volatile week in which investors debated lofty technology valuations and aggressive artificial-intelligence spending plans. The three major U.S. indexes were all up on the day, led by the Dow, which rose 493 points, or 1.1%.But the rally wasn't enough to overtake the sharp declines earlier in the week. The Dow, S&P 500 and Nasdaq composite all ended the week down 1.9% or more. Recent investor anxieties have dinged high-flying tech stocks and other assets seen as risky, such as bitcoin, which remained under pressure.The Cboe Volatility Index, Wall Street's fear gauge, ebbed, but remained at an elevated level of 23.4. Earlier, global chip stocks including TSMC and ASML had sold off, echoing Thursday's declines in the U.S. Benchmarks in China, Japan and South Korea lost more than 2%.In other markets:U.S. Treasury yields dropped, with the 10-year edging down to 4.062%.The dollar was modestly lower. The yen strengthened after Japan's cabinet approved a $135 billion economic stimulus package.This item is part of a Wall Street Journal live coverage event. The full stream can be found by searching P/WSJL (WSJ Live Coverage).