US stocks rise, even as the bond market applies more pressure

On Friday, U.S. stocks managed to rise and lessen their losses from the previous week, despite the bond market's continued jitters. The S&P 500 gained 0.4%, marking only the second increase in the past six days since its all-time high. The Dow Jones Industrial Average climbed 1%, while the Nasdaq composite expanded by 0.4%. Ross Stores led the rally, posting a 4.4% increase after surpassing analysts' expectations with stronger profit and revenue in its latest quarter.

The retailer attributed its success to new and existing customers, along with refunds on tariffs. Most U.S. companies have recently reported profits exceeding forecasts, contributing to the recent surge in stock prices. Positive growth expectations were further bolstered by an S&P Global report indicating a 52-month high in U.S. business activity.

However, the bond market's volatility, particularly in Treasury yields, remained a significant factor. Yields on 10-year and 30-year Treasuries climbed, reaching levels not seen since before a recent Treasury Department move to repurchase government bonds. This rise in yields was influenced by uncertainty surrounding the Iran conflict and its potential impact on oil prices, which in turn affect Treasury yields and inflation concerns.

Bitcoin also benefited from lower interest rates and crypto-friendly legislation, climbing above $77,000. Meanwhile, gold prices surged, briefly surpassing $4,690 per ounce, driven by the Treasury Department's bond buyback and its impact on the U.S. dollar's value. The S&P 500 closed at 7,674.37, the Dow Jones Industrial Average rose to 53,277.01, and the Nasdaq composite reached 26,180.45.

Abroad, stock markets in Asia and Europe also experienced gains, with Hong Kong's Hang Seng up 1.2% and South Korea's Kospi climbing 0.9%.