Stock market news today: Stocks rally to cap another winning week

Stocks rallied on Friday to secure yet another week of gains, just one day after a jump in bond yields and a more hawkish tone from Federal Reserve Chair Jerome Powell helped to snap the longest winning streak for the S&P 500 and Nasdaq in two years.

The tech-heavy Nasdaq Composite (^IXIC) rose more than 2%, its best day since May 26, while the benchmark S&P 500 (^GSPC) climbed about 1.6%. The Dow Jones Industrial Average (^DJI) gained 1.1%, or around 400 points. The Dow, S&P 500, and Nasdaq are now at their highest level since mid-September.

Friday's gains came despite fresh economic data that showed the American consumer feels worse about the state of the US economy with expectations for long-run inflation ticking up to a level not seen since 2011.

Bond yields ticked down after spiking Thursday afternoon. The benchmark 10-year yield (^TNX) moved lower to trade near 4.63%.

In commodities, oil rose for the second straight session after plunging to a three-month low on concerns about global demand. West Texas Intermediate crude (CL=F) moved up above $77 a barrel, while Brent crude futures (BZ=F) closed above $81.50 a barrel.