Even with the conflicting signals on the trade war, momentum has seemed to be in the direction of a stopgap deal. Rising confidence can be found not only in record-high stock prices but also in a sharp rise for Treasury yields. The 10-year Treasury yield climbed to 1.94% from 1.92% late Thursday and from a low of 1.50% just last month. The 10-year Treasury yield dropped below the two-year yield in late August and early September. "I wouldn't say I'm negative on the market," Young said, "but when stocks get ahead of themselves, it's incumbent upon me to balance against the long term."