"I think really the market is saying maybe no rate cuts in 2025, and that the 10-year could very easily break well above 5%," Jeremy Siegel said.

The Nasdaq Composite increased 243.30 points or 1.2% to close at 19,864.98, also booking back-to-back gains. The tech-heavy index is up 2.9% year to date, its best start to a year since 2009, when it rose 4.8%.

When the December nonfarm payrolls report hit the tape, there was no question which way stocks would go at Friday's opening bell.