Last night! The Dow Jones Industrial Average made history, breaking through the 50,000-point mark! Chinese assets and gold collectively surged!

Overnight U.S. stocks surged, with the Dow Jones Industrial Average rising over 1,200 points, surpassing the 50,000 mark for the first time in history.

On February 6, the three major U.S. stock indices all closed higher. The Dow rose 2.47% to close above 50,000, reaching a new record high; the Nasdaq increased by 2.18%; and the S&P 500 gained 1.97%.

Tech stocks soared, with AMD up over 11%, Intel up more than 8%, Nvidia close to 8%, adding $325 billion in market value; Broadcom up over 7%; Tesla up over 3%; Amazon down over 5%; and Google down over 2%.

Despite a strong rebound on Friday, the S&P 500 still declined 0.1% for the week, and the Nasdaq fell 1.84%, both dragged down by tech stock sell-offs.

Popular Chinese concept stocks mostly rose. The Nasdaq Golden Dragon China Index gained 3.71%, NIO up over 7%, Li Auto up over 6%, Baidu up over 5%, Xpeng Motors nearly 5%, Bilibili up over 4%, Alibaba and Pinduoduo up over 3%, JD.com and iQiyi up over 2%.

Bitcoin rebounded above $70,000. Earlier, on Thursday, Bitcoin plunged over 13%, falling below $61,000. Analysts say that Bitcoin’s rally on Friday helps ease some of the broader market’s recent safe-haven concerns. However, Bitcoin still declined more than 15% this week.

International precious metals surged, with spot gold rising nearly 4% and spot silver up over 9%. COMEX gold futures closed up 2.03% at $4,988.60 per ounce, up 1.65% for the week; COMEX silver futures rose 1.06% to $77.525 per ounce, down 9.06% for the week.

On the news front, U.S. Treasury Secretary Janet Yellen on February 6 stated that despite recent dollar depreciation, Trump still advocates a strong dollar policy, as his administration is taking measures to make dollar assets more attractive. Yellen also said that Trump’s weekend comment about potentially suing Federal Reserve Chair nominee Kevin Woots if he doesn’t cut interest rates was purely a joke. “Moreover, the President respects the Fed and its independence very much.”

Federal Reserve officials reiterated their stance on rate cuts. Fed Chair Powell indicated she is “very open” to lowering interest rates and favors further cuts in 2026, but it’s uncertain whether there will be one or two rate cuts.