Wall St rises on the day but falls for the week; bond yields and Iran in focus

STORY: U.S. stock indexes closed higher Friday with the Dow gaining about 1 percent and the S&P 500 and Nasdaq rising about four-tenths of one percent each. :: Archive All three fell for the week as investors were rattled by fluctuating government bond yields and a lack of clarity on progress in the Middle East. Friday’s economic data eased concerns, as the U.S. services sector posted its strongest growth in nearly two years powering a sharp acceleration in overall business activity in August. This offset a slowing of growth in a manufacturing sector that is being restrained by reduced stock building and supply disruptions from the Iran war. Earlier, UBS Global Wealth Management raised its year-end target for the S&P 500 to 8,100, citing a stronger earnings outlook and robust corporate profit growth. Kevin Mahn, president and chief investment officer with Hennion & Walsh Asset Management says he expects a bumpy road for stocks in the near term but believes they will finish 2026 on solid footing. "So I believe that the market is likely headed for more short-term bouts of volatility up to and through these midterm elections." // "But I also believe that once we have some clarity after the midterm elections, in all likelihood, some type of lasting deal between the US and Iran, moderating inflation, and also continued strong earnings, not just from technology companies, but all S&P 500 companies will have a very strong close to the year. " Stocks on the move included Ross Stores which added 4 percent after the value retailer raised its annual profit forecasts and reported better-than-expected quarterly results. And retail investor platform Robinhood surged nearly 14% as bitcoin touched its highest levels since mid-May.