Today’s Market Recap: Gold Tops $4,600, Bitcoin Surges as Market Focuses on Nvidia Earnings and Jackson Hole Meeting

TradingKey - On August 21 Eastern Time, the three major U.S. stock indices closed higher across the board, but still recorded losses for the week. After experiencing volatility in Treasury yields, Middle East uncertainty, and a cooling of the AI trade, the market saw a phased recovery on Friday. Strong U.S. services sector data, coupled with news that the U.S. Treasury expanded long-term Treasury buybacks, temporarily alleviated market concerns about long-end interest rates continuing to rise, driving a rebound in risk appetite.

At the close, the Dow Jones Industrial Average rose 0.98% to 53,282.32 points; the S&P 500 Index gained 0.43% to 7,674.37 points; and the Nasdaq Composite Index gained 0.43% to 26,180.45 points.

In terms of sectors and individual stocks, the materials, healthcare, and financial sectors performed relatively well. Ross Stores (ROST) rose 4.39%, mainly boosted by an upward revision in its annual profit forecast and better-than-expected quarterly performance. Crypto-related stocks were the day's biggest highlight, with Robinhood (HOOD) surging 13.7%, Coinbase (COIN) gaining 8.2%, and Strategy (MSTR) climbing 6.1%. Bitcoin rose approximately 6.4% on the day, reaching its highest level since May and driving crypto asset-related stocks higher in tandem.