GLOBAL MARKETS-Shares rise as cyclical stocks provide support; yields climb

The Dow Jones Industrial Average rose 0.98 point, or 0%, to finish at 31,494.32, the S&P 500 lost 7.26 points, or 0.19%, to close at 3,906.71 and the Nasdaq Composite added 9.11 points, or 0.07%, to end at 13,874.46. European shares edged higher on Friday as an upbeat earnings report from Hermes boosted confidence in a broader economic recovery. The pan-European STOXX 600 index closed up 0.53%.

NEW YORK: A gauge of global equity markets snapped a three-day losing streak to inch higher on Friday as investors sold technology shares and rotated into economically sensitive cyclical stocks in anticipation the U.S. economy will boom on pent-up demand once the coronavirus pandemic is subdued.

Oil prices fell from recent highs as Texas energy companies began preparing to restart oil and gas fields shuttered by freezing weather, while U.S. Treasury yields climbed.