NEW YORK — The Dow Jones Industrial Average climbed 99.21 points, or 0.19%, to 51,449.19 in Friday trading, as easing Treasury yields and growing optimism over a potential phased deal to reopen the Strait of Hormuz helped stocks snap a three-session losing streak.

Friday's gains followed a difficult stretch for U.S. equities. The Dow fell for a third consecutive session Thursday, dropping 161.61 points, or 0.31%, to close at 51,349.98, as Treasury yields at multidecade highs continued to weigh on the market's more cyclical sectors. The S&P 500 slipped 1.90 points Thursday, or less than 0.1%, to 7,704.13, while the Nasdaq Composite eked out a marginal gain of 3.34 points to 26,939.37, and the Russell 2000 index of smaller companies fell 3.09 points, or 0.1%, to 2,835.57.

The 10-year Treasury yield had climbed to 5.16% Thursday, its highest level since the global financial crisis, before easing three basis points to 5.17% early Friday, paring a two-day surge of more than 20 basis points. That earlier climb in yields had been driven in part by comments from New York Federal Reserve President John Williams, who said the central bank would likely need to raise interest rates again before the end of the year, along with weak demand at a recent Treasury debt auction and heavy government borrowing.

Reflecting on the broader bond........

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