Dow Rallies; Bitcoin Extends Declines — WSJ
By Caitlin McCabeStocks turned higher Friday, with the Dow industrials clawing back the previous session's losses, after Federal Reserve policymaker John Williams made the case for a near-term cut to interest rates.The gains cap a volatile week in which investors have debated lofty technology valuations and aggressive artificial-intelligence spending plans. The Dow led benchmarks higher, rising more than about 1.5%, more than 700 points.But the rally hasn't been enough to make up the sharp declines earlier in the week. All three major indexes are still down more than 1% over the five-day period. Recent investor anxieties have dinged high-flying tech stocks and other assets seen as risky, such as bitcoin, which remained under pressure Friday. The Cboe Volatility Index, Wall Street's fear gauge, ebbed, but remained at an elevated level near 24.Earlier global chip stocks, including TSMC and ASML, had sold off, echoing Thursday's declines in the U.S. and weighing on country indexes. Benchmarks in China, Japan and South Korea lost more than 2%.In other markets:U.S. Treasury yields dropped to 4.07%.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).