Stocks Suffer Weekly Drops Despite Frantic Friday Rally
Schaeffers·- Major stock indexes suffered weekly drops exceeding 1% despite a frantic Friday rally driven by healthcare and cryptocurrency sectors. - The Russell 2000 Index finished above 3,000 but recorded its worst weekly performance since June 5 due to early-week Treasury yield surges. - Crude oil prices gained over 5% weekly following stabilization from geopolitical comments, while gold futures logged a third-straight weekly win.Bitcoin Jumps Above $77,000, Gold Hits 3-Month Highs: Stock Market Today
benzinga_article·- U.S. equities steadied and major indices posted gains on Friday, led by a stronger-than-expected macro backdrop with S&P Global's flash composite PMI jumping to 56.0 in August. - Bitcoin rallied past $77,000 to achieve its best weekly gain since 2023, while gold surged 2.1% to $4,609.70 an ounce amid a dropping dollar index. - Sector performance varied significantly as materials and health care led the market while utilities and chip stocks faced downward pressure.Gold Price Forecast: US Treasury Expands Long-Bond Buybacks, Gold Benefits via Dual-Path Logic, May Test Interim High of $4,891
TradingKey·- Spot gold prices broke through the $4,600 mark following the US Treasury's unexpected expansion of long-term bond buybacks. - The policy action triggers a dual-path benefit for gold by lowering real yields and the US dollar, or by intensifying safe-haven demand against sovereign fiscal risks. - Technical indicators suggest that if key support levels hold, gold may target its previous high of $4,891.54.