The S&P 500 hit a record high after the markets opened on Friday, and gold prices surged to a record high of $3,591 per ounce.
Cryptocurrencies ticked higher in morning trade on Friday, with Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) posting gains despite a weaker-than-expected August jobs report. Retail traders appeared to bet that the softer data could push the Federal Reserve to cut interest rates later this month.
Bitcoin’s price edged 0.5% higher in the past hour, climbing back above $113,000. On Stocktwits, retail sentiment around the apex cryptocurrency moved higher but remained in ‘bearish’ territory over the past day. Ethereum’s price rose 1.1% to trade above $4,460, while Solana and Ripple’s XRP (XRP) each added 1%.
Among major altcoins, Cardano (ADA) led the rally, gaining 1.7% in the past hour and 3.4% over the last 24 hours. Meme token Dogecoin (DOGE) also turned positive, advancing 1.5% in the past hour.
Friday’s job report for August showed that the U.S. economy added 22,000 jobs during the month. According to CNBC, economists polled by Dow Jones were expecting the figure to be 75,000. Unemployment rose 4.3%, in line with expectations. Average hourly earnings rose 0.3% for the month and 3.7% year-over-year.
On the equities side, the S&P 500 hit a record high after the opening bell on Friday. The index rose 0.41% to hit 6532.45. The SPDR S&P 500 ETF (SPY) rose in tandem, with retail sentiment on Stocktwits moving higher within ‘bullish’ territory over the past day. The ETF was among the top trending tickers on the platform at the time of writing.
Gold spot prices also shot up to hit a fresh all-time high of $3,591 per ounce. SPDR Gold Shares ETF (GLD) rose 1.2% in morning trade to a record high of $330.73. Retail sentiment on Stocktwits around the ETF remained in ‘extremely bullish’ territory over the past day.
Read also: Bitcoin Hovers At $112K Ahead Of Jobs Report, Altcoins Flatline
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