Stock market enjoys Circle bounce as BTC, USD surge while gold slips

The post Stock market enjoys Circle bounce as BTC, USD surge while gold slips appeared on BitcoinEthereumNews.com.

Circle pushed markets into rally mode on Friday after its shares spiked 48%, extending the chaos it kicked off with a massive NYSE debut the day before. The New York-based crypto company hit $123.49 at its highest point — nearly 4x its $31 offer price, which placed its fully diluted value at $32.1 billion, according to data from Google Finance. The trading frenzy dragged the entire stock market upward, flipping risk sentiment completely by the end of the week. The Dow Jones ended Friday up 443.13 points at 42,762.87 after climbing over 600 points during the session. The S&P 500 added 1.03% to finish at 6,000.36, and the Nasdaq Composite jumped 1.20% to close at 19,529.95. Wall Street reacts to Circle frenzy as Tesla rebounds and dollar surges Matt Kennedy, who leads IPO research at Renaissance Capital, said the rally was “big enough that it extends beyond crypto.” He added: “This is the latest sign of building momentum in the IPO market. We’ll likely continue to see moderate activity over the next month, but there is still some tariff uncertainty on the horizon, which is why we’re expecting more of a full IPO rebound in the fall.” Lynn Martin, president of the New York Stock Exchange, called Circle’s IPO “a bellwether for the IPO market this year,” telling attendees at a Thursday conference that the momentum wasn’t limited to crypto listings. That tone was echoed by other execs at the event, many of whom signaled that markets were finally ready for solid companies to go public again after a long dry spell. Outside of the IPO mania, the jobs report for May beat forecasts even though it showed a mild slowdown compared to April. The update cooled down expectations for fast Federal Reserve rate cuts, which triggered a move into…