The Dow Jones Industrial Average and the S&P 500 achieved fresh closing milestones for 2023 on Friday, capping off a fifth consecutive week of gains for the primary U.S. indices.

The Dow concluded with an increase of approximately 295 points, marking a 0.8% rise. Meanwhile, the S&P 500 and the Nasdaq Composite both experienced a 0.6% ascent.

In a notable shift, the 10-year Treasury yield dipped to 4.226%, retracing from its October peak of around 5%.

The market's upward trajectory followed an address by Federal Reserve Chair Jerome Powell. While Powell didn't completely rule out rate hikes if necessary, his overall commentary included some dovish elements.

"Markets interpret today’s comments as a move toward the dovish camp," noted Jeffrey Roach, chief economist for LPL Financial. "A few weeks ago, Powell indicated that policy was restrictive, but today, he believes policy is 'well into restrictive territory.'

Fed-fund futures currently indicate a 55.4% probability of a 25 basis point cut by the conclusion of the Federal Open Market Committee’s March meeting, as reported by the CME FedWatch Tool."