Stocks tiptoe toward the finish of a record-breaking week

U.S. stocks rose Friday toward the close of a record-setting week, supported by easing oil prices, though markets remained cautious. The S&P 500 was up 0.3% and had recovered part of two straight sessions of losses after reaching its all-time high earlier. The Dow Jones Industrial Average gained 116 points, or 0.2%, and the Nasdaq composite rose 0.5% as of 9:35 a.m. Eastern.

Oil continued to swing on uncertainty around when conflict involving Iran would allow global energy markets to normalize; Brent ranged from $102.50 to $104 overnight, last at $103.13, down 1.1%. Treasury yields also fluctuated, with the 10-year note last at 5.25%, up from 5.22% late Thursday—its highest since 2002—after concerns about inflation, U.S. debt and growth. High yields can pressure stock valuations and borrowing costs, even as Treasury demand in auctions limits further increases. Tower companies jumped after SpaceX announced a purchase aimed at enabling Starlink Mobile to penetrate buildings, while wireless peers fell on competitive pressure and Delta slipped after weaker-than-expected summer results and a $6 billion fuel-cost increase.