Dow gains 500 points, posts weekly loss

US stocks rose on Friday as markets sought to regain their footing after a sharp selloff triggered by a jump in Treasury yields, though Wall Street ended the week with losses.

The Dow Jones Industrial Average rose 0.98%, or 517 points, to 53,277, trimming its weekly loss to 0.85%.

The broader S&P 500 gained 0.43%, or 33 points, to 7,674, while the Nasdaq Composite advanced 0.44%, or 113 points, to 26,180. The indexes posted weekly losses of 1.43% and 2%, respectively.

In Europe, the STOXX Europe 600 rose 0.59% to 654, snapping a seven-session losing streak. The index ended the week down 0.56%.

Britain’s FTSE 100 gained 0.64% to 10,816, Germany’s DAX rose 0.59% to 26,136 and France’s CAC 40 added 0.37% to 8,484.

In Japan, the Nikkei 225 fell 0.30% to 66,016, while the broader TOPIX gained 0.19% to 4,067.

Oil prices also rose, with Brent crude futures for October delivery gaining 0.65%, or 61 cents, to $94.39 a barrel.

US WTI crude futures for October delivery rose 0.26%, or 23 cents, to $87.06 a barrel.

Gold futures for December delivery climbed 2.39%, or $109.20, to $4,680.60 an ounce.

Market driver

Wall Street was supported by gains in financial stocks and cryptocurrency-linked shares, but elevated bond yields kept markets under pressure amid concerns over oil-driven inflation and the prospect of continued tensions in the Middle East.