Wall Street ends choppy week with stocks higher; bond yields rebound

Bond yields rebounded solidly and stock indexes notched new highs Friday as Wall Street closed out a choppy, holiday-shortened week of trading with the market’s third straight weekly gain.

The gains followed bursts of selling this week as bond yields fell sharply, a sign that investors might be turning cautious after a recent run of record highs for stocks. The market rally comes as investors turn their attention toward company earnings reporting season, which kicks off next week, starting with major banks such as JPMorgan Chase, Citigroup, Bank of America and Wells Fargo. Analysts expect another strong quarter for Wall Street because of the improving economy and fewer Americans defaulting on loans compared with earlier in the pandemic.

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