Despite its recent advance, the 10-year yield remains "in a downtrend" and faces resistance at the 4.09% level and near the 200-day moving average of 4.16%, said Adam Turnquist, chief technical strategist for LPL Financial in Charlotte, NC. Until these levels are conquered, upside rallies in the yield "should be viewed as temporary."

U.S. stocks are edging back from their records ahead of a couple reports that could show how well the economy is holding up.

Oil prices continued rising on Monday as concerns mount that escalating conflict in the Middle East could disrupt global oil supply.

The Dow Jones Industrial Average rose 341 points, or 0.8%, to set its own record, while the Nasdaq composite clambered 1.2% higher. Leading the way were banks, airlines, cruise-ship operators and other companies whose profits can benefit the most from a stronger economy where people are working and better able to pay for things.

Crude prices jumped on worries about worsening tensions in the Middle East, while U.S. stocks pulled back further from their records.

U.S. stocks are rising Friday after a surprisingly strong report on the U.S. job market raised optimism about the economy.