U.S. stocks gained ground Friday after a bruising period driven by rising long-term Treasury yields, with the Nasdaq Composite up 104.12 points, the NYSE Composite up 194.68 points, the Dow Jones Industrial Average up 517.84 points and the S&P 500 up 32.83 points. The U.S. 30-year Treasury bond yield stood at 5.273%, as investors remained concerned about sticky inflation, government borrowing and the rising interest bill on federal debt. Treasury Secretary Scott Bessent’s plan to expand purchases of outstanding longer-dated government bonds briefly supported markets by potentially lifting bond prices and lowering yields, but concerns over massive deficits and oil-driven inflation risks linked to tensions involving Iran and the Strait of Hormuz persisted. Bitcoin outperformed equities, rising from near $62,653 to an intraday high near $79,461 before settling around $77,000. The move marked one of its strongest weeks since March 2023 and coincided with sharp increases in futures open interest, particularly at Binance and CME, while other venues posted declines. Options positioning was moderately bullish, with calls representing 59.53% of open interest and 54.31% of 24-hour volume, although put positions showed that downside protection remained important. U.S. spot bitcoin ETFs are on track for more than $1 billion in weekly inflows, their strongest pace since January. Gold, silver, platinum and palladium also rose as investors weighed lower-yield prospects, inflation, currency and geopolitical risks. Markets will focus on Treasury yields, Federal Reserve boss Kevin Warsh’s signals at the Jackson Hole symposium, oil prices, developments involving Iran and the Strait of Hormuz, bitcoin ETF flows and whether bitcoin can hold its gains without another sharp build-up in leveraged futures positions.