Dow Jones closes higher, records third-weekly gain

US stocks closed the week in the green, maintaining their uptrend for the third straight week, amid a rise in bond yields following the release of economic data showing an increase in inflation forecasts.

The Dow Jones Industrial Average gained 125 points, or 0.3%, closing at 39,512 points, with a weekly gain of 2.15%.

The S&P 500 index rose by 0.15%, or 8 points, to 5,222. The Nasdaq Composite Index stabilized at 16,340.

Elsewhere, the STOXX Europe 600 Index added 0.75% to 520.7 points, with a weekly gain of 3%.

FTSE 100 ended 0.65% at 8,433 points. Germany’s DAX 40 Index edged up 0.45% to 18,772 points. The CAC 40 Index closed 0.4% up at 8,219 points.

The Nikkei 225 gained 0.4% to finish at 38,229 points. TOPIX inched up 0.55% to 2,728 points.

Brent crude futures for July delivery dropped 1.3%, or $1.09, to settle at $82.79 a barrel.

Similarly, futures prices for US West Texas Intermediate (WTI) crude lost 1.25%, or $1, to $78.25 per barrel. Both contracts recorded a weekly loss of 0.2% each.

Gold futures for June delivery leapt 1.5%, or $34.7, to $2,375, recording a weekly gain of 2.9%.

US consumer sentiment fell by 12.7% month-on-month to 67.4 points in May, compared to forecasts of 76.3, its lowest level in six months.

Inflation forecasts increased from 3.2% to 3.5%, the highest level since November reading (4.5%).