U.S. stocks rose sharply Friday to book big weekly gains, shrugging off earlier weakness as Treasury yields eased back from their highs of 2023. The S&P 500 index SPX rose about 1.6% on Friday, its best daily percentage gain since Jan. 20, according to FactSet data. The Dow Jones Industrial Average DJIA gained 1.2%, or about 386 points, ending near 33,386, based on preliminary figures. The Nasdaq Composite Index COMP rose 2%. The 10-year Treasury rate BX:TMUBMUSD10Y rose 14 basis points for the week, but was slightly below the 4% mark at 3.962% on Friday at 3 p.m. Eastern. That compares with a 2-yr Treasury yield BX:TMUBMUSD02Y of 4.859%, reflecting continued investor jitters around how high the Federal Reserve may need to increase its short-term policy rate to cool demand and still stubbornly high U.S. costs of living. The pullback in the benchmark 10-year Treasury rate on Friday helped stocks gain momentum, while breaking a string of weekly losses, with the Dow ending up 1.8% for the week, the S&P 500 up 1.9% and the Nasdaq advancing 2.6% for the week.
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