US stocks defy rising yields to close higher, but cap a mixed week for major indexes

• US stocks climbed Friday as investors digested strong earnings from the likes of Ross Stores, Palo Alto Networks and Gap.
• For the week, the Dow was roughly flat, with the S&P 500 lost about 0.8%, and the Nasdaq fell 1.8%.
• The 10-year yield climbed five basis points to 3.823%.
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US stocks closed higher on Friday but were mostly lower for week as hopes for a less hawkish Federal Reserved were tempered with fresh comments from central bankers.

Early in the session, strong earnings reports helped lift stocks. For the week, the Dow was roughly flat, with the S&P 500 lost about 0.8%, and the Nasdaq fell 1.8%.

A week ago, the October CPI report showed inflation cooling more than expected, powering huge gains. But on Thursday, St. Louis Fed President James Bullard made the case for additional rate hikes. 

"Thus far, the change in the monetary policy stance appears to have had only limited effects on observed inflation, but market pricing suggests disinflation is expected in 2023," he said. "To attain a sufficiently restrictive level, the policy rate will need to be increased further."

Here's where US indexes stood as the market opened 9:30 a.m. on Friday: 

• S&P 500: 3,965.34, up 0.48% 

• Dow Jones Industrial Average: 33,745.69, up 0.59% (199.37 points)

• Nasdaq Composite: 11,146.06, up 0.01%

Here's what else is happening: 

• More and more indicators are suggesting that an economic recession is about to plague the US, according to a note from Bank of America.
• A decline in home prices could pick up speed if once-reluctant sellers start flooding the market with more supply in a rush to get ahead of further downside, according to Pantheon Macroeconomics
• Nobel laureate Paul Krugman called for a crypto crackdown, and warned that regulation could wipe out the industry.
• Citadel CEO Ken Griffin said US inflation has peaked and a recession is on the way.
• In the aftermath of FTX's implosion, billionaire David Rubenstein compared investing in crypto to a trip to Las Vegas.

In commodities, bonds, and crypto: 

• Oil prices dropped, with West Texas Intermediate down 2.4% at $79.69 a barrel. Brent crude, the international benchmark, also fell 2.4% to $87.63 a barrel.
• Gold edged 0.7% lower to $1,750.70 per ounce.
• The 10-year yield climbed five basis points to 3.823%.
• Bitcoin dipped 0.4% to $16,600.