Stocks finished firmly higher Friday, even as Treasury yields extended their climb. Deflated oil prices helped the blue-chip Dow led a the way with a 478-point pop, nabbing its first weekly win in the last four. The tech-heavy Nasdaq was bolstered by gains from Akamai Technologies (AKAM), while the S&P 500 also finished higher, both nabbing weekly wins as well. With the 10-year Treasury yield last seen at 5.1%, CME's FedWatch shows a 66% chance of an interest rate hike at October's meeting.
Oil Logs Outsized Weekly Loss
Crude oil prices pulled back Friday after Iran proposed the U.S. to return to the interim June peace deal, fueling optimism that the Strait of Hormuz could be reopened. West Texas Intermediate crude fell 2.5% to settle at $92.41 per barrel for the session. On a weekly basis, oil shed a whopping 7.9%.
Gold prices snapped a four-session losing streak, as December-dated futures gained 0.5% to settle at $4,286.20 per ounce, though the precious metal dropped 2.3% for the week.
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