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Stocks rose broadly Friday as Treasury yields eased, leaving Wall Street set to cap off a winning week despite heightened volatility.
The Dow Jones Industrials barreled ahead 409.29 points to 50,694.95, reaching an intraday all-time high.
The S&P 500 climbed 47.86 points to 7,493.41.
The NASDAQ took on 168.67 points to 26,461,76.
The S&P 500 is up 1.1% week to date, on track for its eighth straight weekly gain. That would be its longest since a nine-week winning streak that ended in late 2023.
The Dow has climbed 2.2% this week and is headed for its third positive week in four. The NASDAQ has added 0.8%, on pace for its seventh weekly advance in the past eight weeks.
Shares of Merck were up $5.77, or 5%, to $121.64, on news that its lung cancer treatment with China-based Kelun-Biotech cut tumor progression risk by 65%.
Sacituzumab tirumotecan, the drug, also yielded a survival benefit.
The phase 3 study was conducted in China. The drug was used on patients in combination with Merck’s Keytruda, the company’s immunotherapy used to treat a wide variety of cancers.
Prices for the 10-year Treasury faded a bit, raising yields to Wednesday’s 4.57%. Treasury prices and yields move in opposite directions.
Oil prices muscled up $1.09 to $97.12 U.S. a barrel.
Gold prices dropped $20.80 to $4,521.70 U.S. an ounce.
