U.S. stocks rise, head for weekly gains as oil falls, short-term bonds halt slide

U.S. stocks rose and were on track for weekly gains on Friday, as oil prices fell and short-term bonds showed signs of a slowdown. The benchmark S&P 500 gained 0.5% to 7,742.27 points, the tech-heavy NASDAQ Composite added 0.6% to 27,087.30 points, and the blue-chip Dow Jones Industrial Average climbed 0.8% to 51,769.30 points. Adam Turnquist, a strategist at LPL Financial, said the resilience of the S&P 500 can be attributed to the resurgence of mega-cap stocks, particularly the Magnificent Seven Index, which has staged an impressive comeback.

Although oil prices topped $100 per barrel and 10-year Treasury yields climbed above 5%, the market remained near record levels. The Federal Reserve's rate hike expectations and hawkish signals from Fed speakers have contributed to the bond market rout, but the bull market is expected to continue despite seasonally choppy near-term conditions.