Stocks rose Friday; Monday is Columbus Day, so bonds rest
U.S. stocks rose on Friday, Oct. 9. By DailyDrop’s market feed the S&P 500 gained 0.59% to 7,811.54, the Nasdaq rose 0.64% to 27,366.17 and the Dow added 0.83% to 51,654.95. West Texas Intermediate crude rose 0.39% to $91.85 a barrel and gold gained 1.43% to $4,216.30. Valor Econômico reported that New York stocks rose on a tech recovery despite higher Treasury yields. We could not confirm Friday’s exact 10-year Treasury yield from two sources, so the right-hand ear on our masthead shows a dash. Overnight, Reuters reported that Asian shares were cautious ahead of earnings and that oil slipped, and Reuters said gold gained on weaker oil and a weaker dollar with U.S. inflation data in focus. CNBC reported oil fell after Trump’s energy-ceasefire declaration.
The 10-year yield sets borrowing costs for mortgages and companies, and oil feeds inflation. Stocks are rising while yields stay high, which leaves the market leaning on corporate earnings to justify prices.
Today, Oct. 12, is Columbus Day, also called Indigenous Peoples’ Day: U.S. stock markets are open, the bond market is closed and federal offices are closed. High yields keep mortgage rates and credit-card costs elevated.
Earnings are expected to hold up, and Friday’s rally shows buyers are still willing to pay.
Rising yields and oil are a drag, and a rally that depends on a few large companies is fragile.
The next hard tests are September CPI on Wednesday, Oct. 14, a heavy week of bank earnings and the Fed meeting on Oct. 28. Oil is the swing factor this week, pulled up by Mideast attacks and down by the ceasefire claim.
DailyDrop U.S. No. 8 · October 12, 2026