The stock market rebounded in a big way Friday, Feb. 6 after various tech concerns fueled a lengthy plunge for much of the previous week.
The Dow Jones Industrial Average rose 2.3% to cross the 50,000-point threshold for the first time ever, according to CNBC. The Nasdaq Composite was up 1.9%, followed closely by the S&P 500 at 1.8%.
The gains represented a sharp departure from the prior day, when all three indexes reported losses between 0.6% and 0.8%. The day also saw shares of Bitcoin drop to the lowest level since November 2024, when President Donald Trump was elected to his second term.
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The Dow was up 2% on the week following the Feb. 6 bump, CNBC said, while the S&P 500 and Nasdaq were still down 0.3% and 2%, respectively.
The market struggles appeared to signal investor concerns about the future of cryptocurrency as well as the growing financial impact of artificial intelligence. Prominent stock companies like Microsoft and Google’s parent company Alphabet projected significant increases in AI spending in their latest earnings reports, which likely played a major role in the mass sell-off.
But tech officials have largely dismissed any unease about AI’s effect on their companies. Nvidia CEO Jensen Huang, in a speech during the CISCO AI Summit Feb. 3, said the idea of such technology replacing the tool industry is “the most illogical thing in the world, and time will prove itself.”
This article originally appeared on NorthJersey.com: Stock market today rebounds, Dow Jones sets record
