The yield has risen 73.6 basis points over the past seven weeks, according to Dow Jones Market Data. On Friday, traders were considering whether the U.S. is moving into a period of higher-for-even-longer interest rates, fueled by continued economic strength and potential inflationary pressures.

At the close, the Dow Jones Industrial Average was up 1.0% at 44,296, the S&P 500 was 0.4% higher at 5,969, and the Nasdaq Composite had added 0.2% to 19,003. Helping the Dow outperform was Boeing ( BA ), which climbed 4.1%, as well as American Express ( AXP, +2.9%) and Nike ( NKE, +3.1%).