U.S. stocks closed higher on Friday, Aug. 21, temporarily easing a weeklong sell-off driven by rising Treasury yields and escalating Middle East tensions. The Dow Jones Industrial Average rose 517.80 points, or 0.98%, to 53,277.01, while the S&P 500 and Nasdaq Composite each gained 0.43% to 7,674.37 and 26,180.46, respectively. All three indexes nevertheless ended the week lower: the S&P 500 fell 1.43%, the Nasdaq dropped 2.05% and the Dow declined 0.85% for its second consecutive weekly loss. The rebound followed U.S. Treasury Secretary Scott Bessent's repeated signals that the government could expand its bond-buyback program, although the 10-year Treasury yield rose to 4.737% and the 30-year yield reached 5.276% after a brief pullback. Analysts questioned whether the buybacks can address concerns over excessive U.S. government debt, since they change the maturity mix of outstanding bonds without reducing the total debt supply. Global markets also faced pressure from oil, consumer and geopolitical risks. WTI crude traded at $86.67 a barrel and Brent at $93.91, while gold and silver rose to $4,617.45 and $70.21 an ounce, respectively. Investors will next focus on Nvidia's earnings, Federal Reserve Chair Kevin Warsh's first speech at the Jackson Hole economic policy symposium, and the U.S. July PCE price index (the Fed's preferred inflation gauge). Analysts broadly expect high volatility to persist and say a powerful rally may be difficult before the U.S. midterm elections are settled.