Crypto Stocks Jump as Bitcoin Tops $73K

The US stock market rebounded Wednesday after oil prices stopped spiking and reports gave encouraging updates on the economy.

• The S&P 500 rose 52.87 points, or 0.8%, to 6,869.50, erasing much of its loss since the war with Iran began.
• The Dow Jones Industrial Average rose 238.14 points, or 0.5%, to 48,739.14.
• The Nasdaq composite rose 290.79 points, or 1.3%, to 22,807.48.

The strength followed a scary start to the day, when South Korea's Kospi stock index plunged 12.1% for its worst loss in history, the AP reports. Uncertainty about the war has sent prices in financial markets careening this week, with most taking their cues from what the price of oil is doing.

Oil prices moderated through the day. After briefly topping $84 per barrel, the price for a barrel of Brent crude, the international standard, settled at $81.40, back to where it was a day earlier. A barrel of benchmark US crude rose 0.1% to $74.66.

• Stocks also got a boost from signs of strength for the US economy. One report said growth for US businesses in the real estate, finance, and other services industries accelerated last month at the fastest pace since the summer of 2022. Encouragingly for inflation, it also said prices for such businesses are increasing at a slower rate, at least before the war with Iran began. A second report suggested US employers outside of the government picked up their hiring last month. That could be a hopeful signal for the more comprehensive report coming Friday from the US government about the overall job market.

On Wall Street, a mix of companies helped drive Wednesday's rise. Stocks enmeshed in the crypto industry climbed as bitcoin's price rebounded back above $73,000. Coinbase Global jumped 14.6%, and Robinhood Markets rallied 8.1%. Retailers and travel companies strengthened with hopes that a solid economy and an easing for jumps in gasoline prices will mean their customers may have more to spend.

Ross Stores climbed 8% after reporting better profit and revenue for the latest quarter than analysts expected and saying it's entering 2026 with "solid momentum." Expedia Group rose 3.1%. Big Tech stocks, meanwhile, were the strongest forces lifting the market. Amazon rose 3.9%, and Nvidia added 1.7%. Because they're among the biggest stocks in the U.S. market in terms of total value, their movements carry more weight on the S&P 500