US stocks rise as bond yields continue to see downside pressure

• US stocks jumped on Friday as bond yields continue to see downward pressure.
• The 10-year Treasury yield fell 10 basis points to 4.60%, which is 28 basis points below its recent 52-week high.
• Philadelphia Fed President Patrick Harker made dovish comments, signaling that the Fed is done hiking rates.

US stocks jumped on Friday as bond yields continue to experience downside pressure after surging earlier this month.

The 10-year Treasury yield fell about 10 basis points on Friday to 4.60%, which is 28 basis points below its most recent 52-week high.

Bond yields declined after the breakout of war between Israel and Hamas sent investors toward the safety trade of buying Treasurys, and as a wave of Federal Reserve officials made dovish comments about the future path of interest rates.