Shares rise as cyclical stocks provide support; yields climb

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A battle continues between tech-led growth stocks and cyclicals, companies that are heavily affected by economic conditions.

"When the economy is roaring, they're roaring. When the economy is weakening, they're weakening," Ghriskey said."The economy will roar, at least for a period of time. There's huge pent-up demand, whether just for travel or going back to work."

European shares edged higher on Friday as an upbeat earnings report from Hermes boosted confidence in a broader economic recovery. The pan-European STOXX 600 index closed up 0.53%. The benchmark 10-year yield was last up 5.6 basis points at 1.3381%, its highest level in about a year. Unusually cold weather in Texas and the Plains states curtailed up to 4 million barrels per day of crude oil production and 21 billion cubic feet of natural gas, analysts estimated.

 

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