Stocks on global markets rallied on Friday and registered strong gains for the week as a recent slide in commodity prices eased worries about inflation and the rate hike outlook. The S&P 500 climbed 3.1% in its biggest daily percentage gain since May 2020, and the MSCI global index rose 4.8% for the week, snapping three straight weeks of declines. "The (stock) market came into this week oversold, so it was time for a bounce," said Quincy Krosby, chief equity strategist at LPL Financial in Charlotte, North Carolina.
It's hard to imagine that data showing traders piling into a trade designed to profit from further bitcoin price declines might be bullish, but that's how some analysts are interpreting the signal.
Gold and silver prices edge up for the session Friday, but end lower for a second straight week, as copper posts its biggest weekly loss in a year.