Dow 50,000 got here because the market regarded set to crack. What the milestone says about what’s forward for threat and volatility.

The Dow Jones Industrial Average reached 50,000 for the first time ever on Friday, a milestone that capped a volatile week in which markets appeared increasingly unhinged — before abruptly bucking higher.

The rally followed days of sharp swings that had unsettled investors, including heavy losses for software stocks and

a blistering selloff in bitcoin BTCUSD, raising fresh questions about whether the bull market’s momentum was starting to unravel.