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Last night! The Dow Jones Industrial Average made history, breaking through the 50,000-point mark! Chinese assets and gold collectively surged!
Overnight U.S. stocks surged, with the Dow Jones Industrial Average rising over 1,200 points, surpassing the 50,000 mark for the first time in history.
The three major U.S. stock indices closed higher on February 6, with the Dow up 2.47% to a new closing high above 50,000 points, the Nasdaq up 2.18%, and the S&P 500 up 1.97%.
Tech stocks soared, with AMD up over 11%, Intel up over 8%, Nvidia up nearly 8%, adding $325 billion in market value; Broadcom up over 7%; Tesla up over 3%; Amazon down over 5%; and Google down over 2%.
Despite a strong rebound on Friday, the S&P 500 still declined 0.1% this week, and the Nasdaq fell 1.84%. Both indices were dragged down by tech stock sell-offs.
Popular Chinese concept stocks mostly rose, with the Nasdaq Golden Dragon China Index up 3.71%, NIO up over 7%, Li Auto up over 6%, Baidu up over 5%, XPeng Motors up nearly 5%, Bilibili up over 4%, Alibaba and Pinduoduo up over 3%, JD.com and iQiyi up over 2%.
Bitcoin rebounded above $70,000. Earlier, on Thursday, Bitcoin plunged over 13% to below $61,000. Analysts say that Bitcoin’s rise on Friday helps ease some of the safe-haven concerns that have recently troubled broader markets. However, Bitcoin still declined more than 15% this week.
International precious metals surged, with spot gold up nearly 4% and spot silver up over 9%. COMEX gold futures closed up 2.03% at $4,988.6 per ounce, up 1.65% for the week; COMEX silver futures rose 1.06% to $77.525 per ounce, down 9.06% for the week.
On the news front, U.S. Treasury Secretary Janet Yellen stated on February 6 that despite recent dollar depreciation, Trump still insists on a strong dollar policy because his administration is taking measures to make dollar-denominated assets more attractive. Yellen also said that Trump’s weekend comment that he would sue Federal Reserve Chair nominee Kevin W. W. was purely a joke. “Moreover, the President respects the Fed and its independence very much.”
Federal Reserve officials reiterated their stance on rate cuts. Fed Chair Jerome Powell said he is “very open” to lowering interest rates and leans toward further cuts in 2026, but it’s hard to say whether there will be one or two rate cuts.