(Updates with market moves at the end of the day, and other changes, if any.)
US stocks rose Friday, trimming losses for the week on Wall Street, as bond yields continued to march higher.
The Dow Jones Industrial Average climbed 1% to 53,277.01. The S&P 500 and the Nasdaq Composite each rose 0.4% to close at 7,674.37 and 26,180.46, respectively. Most sectors were in the green, led by materials, while utilities saw the steepest decline.
The three indexes dropped to their lowest levels in more than two weeks on Thursday.
This week, the Nasdaq shed 2.1%, while the S&P 500 lost 1.4%, with both indexes logging their first weekly declines following three consecutive weekly advances. The Dow saw a loss of 0.9%, marking its second consecutive weekly fall.
US Treasury yields were higher, with the two-year yield increasing 4.9 basis points to 4.23% and the 10-year rate gaining 3.4 basis points to 4.73%. The 30-year rate was up 3.6 basis points at 5.27%.
The Treasury Department on Wednesday surprised markets with an announcement that it will at least double the size of its buybacks for longer-dated Treasuries, to $4 billion per operation.
The 10-year yield fell on Wednesday, but "the market pushed back on this 'mini twist' idea on Thursday and Friday," Jefferies said in a note.
Treasury Secretary Scott Bessent told CNBC on Thursday that the planned buybacks could be worth more than $4 billion per issue.
"Despite Bessent's threat to ramp up buybacks further on Thursday, the move mostly glosses over the fundamental problem of too much debt and could complicate the (Federal Reserve's) efforts to rein in inflation," Scott Anderson, chief US economist at BMO, said in a report. "Bond investors will be looking toward Kevin Warsh's first Jackson Hole speech as Fed chair next week to bring more clarity on his view of inflation and plans for monetary policy."
West Texas Intermediate crude oil was down 0.2% at $86.67 a barrel in Friday late-afternoon trade, while Brent edged up 0.1% to $93.91. The benchmarks were on track to log their second consecutive weekly gains.
In economic news, US private-sector output growth hit a 52-month high amid a surge in services activity, while price pressures eased and employment rose sharply, S&P Global's (SPGI) flash purchasing managers' index showed.
In company news, Ross Stores (ROST) jumped 4.4% as the off-price apparel and home fashion chain lifted its full-year earnings outlook on the back of stronger-than-expected fiscal second-quarter results.
BJ's Wholesale Club's (BJ) fiscal second-quarter results came in ahead of Wall Street's estimates, prompting the warehouse club operator to lift its full-year earnings outlook. The stock advanced 5.6%.
Spot gold advanced 2.2% to $4,617.45 per troy ounce, while silver climbed 1.9% to $70.21 per ounce.
