US stocks post eighth weekly gain; Dow closes at record high

US stocks closed higher on Friday, supported by lower Treasury yields and hopes that the war in the Middle East could end soon, helping Wall Street post an eighth consecutive week of gains.

The Dow Jones Industrial Average rose 0.58%, or 294 points, to 50,579, marking a record closing high and weekly gains of 2.12%.

The S&P 500 gained 0.37%, or 27 points, to 7,473, extending its winning streak to eight straight weeks with weekly gains of 0.87%, the longest run since late 2023.

Meanwhile, the Nasdaq Composite advanced 0.19%, or 50 points, to 26,343, bringing its weekly gains to 0.45%.

In Europe, the STOXX Europe 600 rose 0.73% to 625 points, posting weekly gains of 3%.

UK's FTSE 100 added 0.22% to 10,466 points, while Germany’s DAX climbed 1.15% to 24,888 points and France’s CAC 40 gained 0.37% to 8,115 points.

In Japan, the Nikkei 225 rose 2.17% to 63,339 points, while the broader TOPIX gained 1% to 3,892 points.

On the commodities front, Brent crude oil futures for July delivery rose 0.94%, or 96 cents, to settle at $103.54 per barrel, although they posted a weekly loss of 5.23%.

US West Texas Intermediate crude oil futures for July delivery gained 0.26%, or 25 cents, to close at $96.60 per barrel, trimming weekly losses to 8.36%.

Meanwhile, Gold futures for June delivery fell 0.42%, or $19.30, to settle at $4,523.20 per ounce, ending the week down 0.85%.

What drove markets?

Hopes for a near-term end to the war in the Middle East helped ease momentum in oil prices, improving investor sentiment, while Wall Street also received additional support from renewed strength in technology stocks.