The U.S. stock market rose Friday as Treasury yields retreated from key levels.

The Dow Jones index rose 140 points, or 0.4 percent; the S&P 500 index rose 0.8 percent, and the NASDAQ Composite index rose 1.1 percent.

10-year bond yields returned below 4% after hitting a 4-month high a day earlier in a rally fueled by investor worries that the Federal Reserve will keep rates high longer. The 2-year bond yield was at 4.855% after hitting highs not seen since 2007.

Wall Street rose

Economic data continues to show tightness in the labor market and rising costs for businesses, adding to fears that the Fed will have to keep raising rates. On Thursday, Fed Governor Chris Waller and Atlanta Fed Chairman Rafael Bostic said they were ready to raise the rate by more than they had previously thought necessary.

The market is now betting that the prime rate will get closer to 5.5% and stay higher longer.

“Hawkish” comments from Fed officials have also led market watchers to believe at least 3 more rate hikes of a quarter percentage point each are possible, starting this month.

Shares of Marvell Technology Inc. (NASDAQ: MRVL) fell 7.7% after the semiconductor maker reported first-quarter earnings and revenue forecasts that fell short of analysts’ expectations.

Shares of Costco Wholesale Corp. (NASDAQ: COST) fell 3.2% after the major retailer released disappointing data for the quarter. Inflation is forcing consumers to cut back on discretionary spending.

Oil fell in price. WTI futures fell 0.7% to $77.61 a barrel and Brent futures fell 0.8% to $83.98 a barrel. Gold futures rose 0.4% to $1,848.

Earlier, we reported that Asian stock markets were trading unchanged.