U.S. bond markets resume trading after market participants observed the Thanksgiving holiday on Thursday. However, Friday's session will be abbreviated with fixed-income trading set to end at 2 p.m. ET.
Investors also bid up traditional safe havens as oil prices plunged. U.S. crude fell more than 6.5 percent to $50.91 per barrel, reaching its lowest level of 2018. Declining crude prices can signal the global economy is slowing, which would lead investors to cut positions in riskier assets in favor of safer ones.
Crude's decline comes at a time when U.S.-China trade tensions have raised concern of a possible economic slowdown. The two countries have imposed tariffs on billions of dollars worth of each other's goods as the Trump administration takes on a protectionist stance on trade.
U.S. and Chinese leaders are expected to meet at a G-20 meeting in Argentina at the end of the month, though few economists expect the scheduled talks to resolve the trade dispute.