S&P 500 Shatters Records at 6,587.47 as Dow Soars 617 Points to 46,108.00
Wall Street's bulls just trampled every resistance level in sight.
Record-Breaking Rally
The S&P 500 smashed through previous ceilings to hit an unprecedented 6,587.47—proof that traditional markets still know how to party when the Fed's punch bowl stays full. Not to be outdone, the Dow Jones surged 617 points to close at 46,108.00, leaving bears scrambling for cover.
Momentum Meets Mania
Traders piled into blue-chips like there's no tomorrow, fueled by speculative euphoria that'd make any crypto degen nod in approval. The numbers don't lie: 6,587.47 on the S&P and 46,108.00 on the Dow mark peaks that even seasoned analysts didn't see coming this quarter.
What Goes Up...
Sure, it's all champagne and confetti today—but anyone who remembers 2008 knows these parabolic moves often end with more hangover than celebration. Guess Wall Street's still betting Main Street will foot the bill when the music stops.
Coinbase, Terawulf, Bit Digital outperform Bitcoin
While the indexes rallied, traders rotated toward crypto stocks, which have outpaced Bitcoin since April. Wolfe Research analyst Read Harvey said Thursday that Bitcoin has kept its lead over altcoins lately but warned that the long-term outlook is uncertain.
“Bitcoin has regained some leadership versus altcoins over this recent stretch. Is it able to maintain that leadership role though is the question,” Read said in a note.
Bitcoin is still holding above $100,000, the first time it’s ever done so for months in a row, and bitcoin ETFs continue to attract consistent monthly inflows. Wolfe Research believes Bitcoin could climb back to $115,000, but for now, the better trades might be elsewhere.
“Crypto stocks have kept pace nicely with bitcoin this year and have actually outperformed since April. As it stands, we would not be taking off any crypto equity exposure in favor of bitcoin,” Read said.
Among those outperformers is Coinbase Global, which surged 83% since April. Coinbase entered the S&P 500 in May, shortly before Congress passed the GENIUS Act, a new law covering U.S. crypto regulation.
That same month, Circle Internet Group, the company behind one of the largest stablecoins, went public. Both events helped lift Coinbase to new highs, but the stock has since consolidated around $300.
Read said the stock may be ready to MOVE higher again. “Coinbase could be the next stock ready to expand out of its consolidation phase … having traded around $300 for the past 1.5 months,” he wrote.
A close above the 50-day average of $340 WOULD confirm the breakout. On Thursday, Coinbase closed at $320, up from $315.34 a day earlier.
Crypto miners and alt plays add fuel to rally
Bitcoin miner Terawulf has exploded 286% higher since April. On Thursday, it tacked on another 0.85%, continuing its upward move.
Ethereum-focused Bit Digital rose 47% over the same stretch but dipped 0.67% during the trading day to $2.9450. It lost another 0.51% after hours, settling at $2.9300.
Another big mover was Galaxy Digital, a financial services firm with heavy exposure to crypto. The stock jumped 10.70% to close at $28.87, then moved slightly higher after the bell to $28.90. SOL Strategies Inc., listed under CYFRF, gained 22.28%.
Despite Bitcoin’s more modest 37% gain since April, these crypto stocks have posted stronger returns. Read called them “some of the most intriguing setups” in his note, pointing to Terawulf, Bit Digital, and Coinbase as key names.
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