US Stocks Today: Wall Street rises as tech equities improve, Bitcoin stable & more related News Here

File photo: Traders work on the floor of the New York Stock Exchange (Image credit: AP)

US stock markets edged higher on Friday, clawing back some of the steep losses seen earlier in the week, as technology stocks recovered and Bitcoin halted its recent decline. The surge followed several volatile sessions driven by concerns over massive spending on artificial intelligence and its impact on corporate profits.The S&P 500 rose 0.9 percent, only its second gain in the past eight sessions. The Dow Jones Industrial Average jumped 776 points, or 1.6 percent, while the Nasdaq Composite was up 0.5 percent in mid-morning trading in New York.Chip makers led the recovery. Nvidia climbed 4.9 percent, snapping a weekly decline of more than 10 percent, while Broadcom gained 3.8 percent after falling sharply earlier in the week. According to news agency AP, the sector continued to be supported by expectations of strong long-term demand for chips related to artificial intelligence.

AI spending concerns hit Amazon

Despite the widespread rebound, concerns remain over increasing AI investment. Amazon shares fell 8.5 percent after the company said it expected to spend about $200 billion this year on areas such as AI, chips, robotics and low-Earth-orbit satellites. Similar spending plans previously announced by Alphabet have raised questions about whether such large investments will yield substantial returns in the future.According to news agency AFP, investors have become cautious after a period in which enthusiasm for AI has fueled much of the technology sector. FHN Financial’s Chris Low said markets are now reevaluating whether the selloff has gone too far, with traders believing some of the recent declines have been “excessive.”Even with Friday’s gains, the S&P 500 is still on track for its third weekly decline in four weeks.

Bitcoin stabilizes, crypto stocks surge

Bitcoin has shown signs of stabilizing after weeks of losses that have wiped off more than half of its value since its October peak. The cryptocurrency reached nearly $68,000 after slipping near $60,000 late Thursday.The move helped lift stocks related to the crypto sector. Robinhood Markets rose 11.7 percent, Coinbase Global rose 7.3 percent and Strategy&, a company known for holding large amounts of bitcoin, gained 15.9 percent.

Consumers, airlines and small stocks benefited

US consumer sentiment also got some support. An early survey from the University of Michigan showed sentiment had improved slightly, defying expectations of a decline. This improvement was strongest among households that owned shares.Airline stocks rose on expectations that strong confidence will boost travel spending. United Airlines rose 5.4 percent, American Airlines rose 4.6 percent and Delta Air Lines rose 4.4 percent.Smaller companies outperformed larger rivals, with the Russell 2000 index climbing 2.3 percent. These companies are more sensitive to the strength of the US economy.In the bond market, US Treasury yields were largely steady. The yield on the 10-year Treasury remained at about 4.21 percent, unchanged from late Thursday.