Bitcoin Jumps; S&P Heads for Weekly Loss — WSJ

By WSJ StaffBond yields are holding near their highest levels in more than a decade despite the efforts of Treasury Secretary Scott Bessent to contain borrowing costs. Stocks are rising, but the S&P 500 is still heading for its first weekly loss since late July.One asset benefiting from higher yields is bitcoin, which was recently up 6% and briefly neared $80,000 early Friday morning. It hasn't closed at that level since mid-May. The digital currency also has been buoyed by President Trump urging Congress to pass crypto-friendly legislation.Yields on 30-year Treasurys are trading around 5.27%, with 10-year yields around 4.73%. Bessent said Thursday that the Treasury had a "big toolkit" for the Treasurys market, adding that the administration would announce an "increased focus on fiscal consolidation" in coming days.Bessent also echoed President Trump's earlier comment about unleashing an economic D-Day on Iran, saying that "any remaining tie to Tehran will hasten a nation's economic oblivion, whether that tie be purposefully constructed or willfully ignored."Brent crude futures edged higher above $94 a barrel, after climbing for five straight days.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).