Wall St bounces back 1%; yields on 10-year US notes end week little changed

Wall Street's three main indexes rose more than 1% on Friday, bouncing back from a steep selloff this week that pushed the Dow Jones Industrial Average and the S&P 500 into correction territory

Stocks had plunged 4% on Thursday, sending the Dow and the S&P more than 10% below their record highs on Jan. 26 and adding to the sense that rising US government bond yields had begun a major correction to nine years of near uninterrupted gains for Wall Street.
The yield on benchmark 10-year US Treasuries, which tends to be the driver of global borrowing costs, was hovering at 2.85%, set to end the week little changed since hitting a near a four-year high of 2.885% Monday.

"The fact that Monday's lows were breached (on Thursday)signals more trouble ahead and rallies are likely to give way to rising bond yields," said Peter Cardillo, chief market economist at First Standard Financial in New York.