A look at the day's business news headlines:
The bulls are back: Stocks surge
U.S. stocks rallied right out of the gate and didn't look back Friday afternoon as investors grabbed onto a slightly stronger report on durable goods orders, and as gold touched a record high above $1,300 an ounce.
All three major indexes touched fresh four-month highs. The Dow Jones industrial average surged 200 points, or 1.9 percent, with all 30 components of the blue-chip index higher.
The S&P 500 jumped 23 points, or 2.1 percent, as 98 percent of its components postedgains, including Nike, which rose to an all-time high near $82 a share.The tech-heavy Nasdaq surged 49 points, or 2.1 percent. Shares of Apple andAmazon continued to rally to all-time highs.
"The better-than-expected report on orders for durable goods, particularly the nice rebound in goods excluding transportation, furtherconfirms that a double-dip recession is not likely any time in the immediate future," said Ryan Detrick, senior technical strategist at Schaeffer's Investment Research.
Treasury yields bounce as stocks rally
Treasury yields recovered losses Friday, gaining momentum as stocks rallied and a better-than-expected manufacturing report eased economic jitters.
What yields are doing: The yield on the benchmark 10-year note rose to
2.6 percent from 2.55 percent late Thursday. Bond prices and yields move in opposite directions.
The yield on the 30-year bond edged up to 3.79 percent from 3.73 percent, and the 5-year note climbed to 1.35 percent from 1.31 percent. The 2-year note's yield ticked up to 0.45 percent from 0.42 percent on Thursday.
– CNNMoney.com reporters Hibah Yousuf and Blake Ellis contributed to this report.