Traders work on the floor of the New York Stock Exchange.
NYSE
Stocks rose broadly Friday as Treasury yields eased, leaving Wall Street set to cap off a winning week despite heightened volatility.
The Dow Jones Industrial Average last traded 327 points higher, or 0.7%, hovering around an intraday all-time high. The S&P 500 and Nasdaq Composite climbed 0.6% each.
“The market is still riding high on the back of strong Q1 earnings,” Glenn Dorsey, head of client portfolio management for Clark Capital, told CNBC. “Importantly, Treasury yields have backed off of their recent highs, which takes pressure off of multiples.”
The benchmark 10-year Treasury note yield shed 3 basis points to around 4.55% at one point on Friday, although it has inched back up slightly. The 30-year bond yield also lost 3 basis points earlier Friday to trade around 5.07%.
Bond market volatility had weighed on stocks earlier in the week. The 30-year hit its highest level since before the financial crisis before easing, while the 10-year touched its highest level in over a year, as traders feared a prolonged U.S.-Iran war would keep oil prices elevated and putting upward pressure on inflation.
Oil was little changed Friday, off the peaks reached earlier in the week, as traders hoped a resolution to the conflict could be reached soon. Despite the back and forth, the major averages are headed for solid weekly gains.
The S&P 500 is up 1.1% week to date, on track for its eighth straight weekly gain. That would be its longest since a nine-week winning streak that ended in late 2023.
The Dow has climbed 2.2% this week and is headed for its third positive week in four. The Nasdaq has added 0.8%, on pace for its seventh weekly advance in the past eight weeks.
