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The US stock market roared back on Friday, as technology stocks recovered much of their losses from earlier in the week and bitcoin halted its plunge, at least for now.
The S&P 500 rallied 2 per cent for its best day since May. The Dow Jones soared 1,206 points, or 2.5 per cent, and topped the 50,000 level for the first time, while the Nasdaq composite leaped 2.2 per cent.
The Australian sharemarket is set to surge, with futures pointing to a rise of 102 points, or1.2 per cent, at the open. The ASX plunged 2 per cent on Friday. The Australian dollar was trading at US70.34¢ at 5.13am AEDT.
Chip companies helped drive Wall Street’s widespread rally, and Nvidia jumped 7.8 per cent to trim its loss for the week, which came into the day at just over 10 per cent. Broadcom climbed 7.1 per cent and erased its drop for the week.
