U.S. stocks closed higher on Friday as investors sought footing after a sharp selloff driven by rising Treasury yields, according to Sina Finance. The Dow Jones Industrial Average rose 517.80 points, or 0.98%, to 53,277.01; the S&P 500 gained 33.21 points, or 0.43%, to 7,674.37; and the Nasdaq Composite added 113.28 points, or 0.43%, to 26,180.45.

The "Magnificent Seven" were mixed: Tesla rose 5.14%, Google gained 1.05%, Meta added 0.75% and Microsoft rose 0.43%, while Amazon fell 0.57%, Apple dropped 0.63% and Nvidia declined 0.98%.

Financials supported the broader market, with crypto-related stocks rallying as Bitcoin climbed 22% for the week. Robinhood surged nearly 14%. The materials sector stood out, gaining 2% on the day. Wall Street had endured a down session earlier, with Treasury yields turning higher after government efforts to contain a bond-market selloff. Bonds, particularly at the long end, have been under pressure as investors worry that rising oil prices could fuel higher inflation.

For the week, the S&P 500 fell 1.4% and the Nasdaq dropped 2%, with both ending three-week winning streaks. The Dow fell 0.9% for the week, marking a second straight weekly decline. The pullback also spread beyond the U.S., with the MSCI All Country World Index down nearly 1% for the week.

After the recent market retreat, Leo Kelly, founder and CEO of Verdence Capital Advisors, said stocks could face further declines if Treasury yields keep rising and Middle East tensions persist, potentially heading toward correction territory this fall. On Friday, long-dated yields continued to climb, with the 10-year Treasury yield up more than 3 basis points at 4.734% and the 30-year yield also up more than 3 basis points at 5.273%.

“The market has adjusted to 4% to 5%” on the 10-year yield, Kelly said. “If we had some sort of event and the market broke out and went to the 6% to 7% range on the 10-year, that’s a problem, and the market will react poorly to that.”

With yields rising, investors will focus on Federal Reserve Chair Kevin Warsh's speech next week at the Jackson Hole economic policy symposium for further insight on that issue and other areas, including central bank independence.