Dow jumps 500 as stocks shrug crypto

US stocks rallied on Monday, with the Dow Jones Industrial Average jumping more than 500 points as investors looked past sharp losses in bitcoin and precious metals.

The Dow rose 1.05% to close at 49,407.66, while the S&P 500 gained 0.54% and the Nasdaq Composite added 0.56% as a new trading month began on Wall Street.

Bitcoin slipped below $80,000 for the first time since April before stabilising near $78,000, easing some risk-off pressure after last week’s rout in gold and silver.

Silver plunged about 30% on Friday in its worst one-day drop since 1980, while gold futures fell roughly 11%, moves that initially weighed on broader market sentiment.

“It seems to us that the bigger trends, which are mostly positive, are still in place,”

Said Tim Holland, chief investment officer at Orion.

Attention also turned to corporate earnings, with more than 100 S&P 500 companies set to report this week, including Amazon and Alphabet, as earnings growth tracks toward its strongest pace in four years.

Strategists said double-digit earnings growth for a fifth consecutive quarter could help offset valuation concerns even as volatility persists across commodities and crypto markets.

At the time of reporting, Bitcoin price was $78,780.80.