Wall Street Bounces Back, But Bond Market Volatility Persists

Wall Street's worst week in over a month ended on a positive note as stocks closed higher, but the broader market still suffered losses due to rising oil prices and a bond sell-off.

The S&P 500 added 0.4% to end at 7,674.39 points, while the tech-heavy Nasdaq advanced 0.4% to settle at 26,180.46 points, and the blue-chip Dow climbed 1% to conclude at 53,276.81 points.

However, for the week, the S&P 500 slid 1.4%, the Nasdaq slumped 2.1%, and the Dow fell 0.9%. The bond market's volatile ride continued this week, with long-term U.S. Treasury bonds experiencing a sell-off due to inflation jitters and concerns over massive debt being issued by mega-cap companies.

The yield on the 30-year bond hit a 19-year high of 5.337% before rebounding slightly after the U.S. Department of the Treasury announced it would increase the size of repurchases of long-dated government debt to at least $4 billion from $2 billion.