Dow Rises 600 Points; Bitcoin Extends Declines — WSJ
By Caitlin McCabeStocks turned higher on Friday morning, 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.Accelerating gains for major U.S. indexes Friday morning came at the end of 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 1%, or 640 points. The S&P 500 and Nasdaq composite were up close to 1%.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 25.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 recent trading:U.S. Treasury yields dropped to 4.08%.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).