Dow jumps 530 points on earnings beats as oil's spike fades, bitcoin tops $83,000 before easing and crypto stocks bounce

Wall Street found its footing on Tuesday, and bitcoin went along for part of the ride. The Dow Jones Industrial Average closed up 529.85 points, or 1%, at 52,495.88, the S&P 500 rose 0.3% to 7,712.57 and the Nasdaq Composite ended down 6.07 points at 26,424.82, per AP. Cointelegraph tied the mood to third-quarter beats from General Motors and 3M and to a drop in oil; the Dow traded at levels last seen on September 14, it reported before the close.

Bitcoin had a lively morning. It rose as much as 1.5% to about $83,300, its highest since October 14, before being turned back toward $82,000, Cointelegraph reported; about $125 million of short positions were liquidated between 10am and 11am ET, it reported, and total open interest reached $53.86 billion, the most since October 8. By 12:40pm ET bitcoin was at $82,500, up 0.7% over 24 hours, with ether, solana and XRP each up more than 1%, per CoinDesk. Decrypt put ether at $2,463 and the whole market at $2.78 trillion, up 1.7%, with zcash leading at 8.5%, in a report published later on Tuesday.

Crypto stocks did better than the coins. Strategy rose 6.3%, Bullish 5.7%, Circle 5.3% and Coinbase 1.7% at midday after last week's drops of 10% or more, CoinDesk reported. Oil set the tone: WTI crude topped $101 overnight, fell to $95.50 on a report that Qatar and Pakistan had proposed a plan to end the Iran war, then recovered to about $97.60 after the report was denied, per CoinDesk. After the close SpaceX, a large bitcoin holder, reported revenue of $14.6 billion and its shares rose about 5%, per The Motley Fool.