US stocks close higher, record 3% weekly gains

US stocks ended Friday on a positive note, posting weekly gains of around 3%, driven by easing global trade tensions and diminishing worries about an economic recession, especially after data released today showed continued momentum in the labor market.

The Dow Jones Industrial Average leapt 1.38% to settle at 41,316 points, with weekly gains of 3%.

The S&P 500 index rose 1.47% to 5,686 points, recording weekly gains of 2.92%.

Similarly, Nasdaq Composite added 1.51% to 17,977 points.

As for European markets, the STOXX Europe 600 climbed 1.67% to 536 points.

The British FTSE index rose 1.17% to 8,596 points, while the German DAX index was up 2.62% to 23,086 points. The French CAC 40 index rose 2.33% to 7,770 points.

The Nikkei index advanced 1% to 36,830 points, and the broader Topix index gained 0.3% to 2,687 points.

Brent crude futures for July delivery dropped 1.4% to $61.29 per barrel. The US West Texas Intermediate (WTI) crude futures for June delivery also fell 1.6% to $58.29 per barrel. Both contracts recorded weekly losses of 8% and 7.7%, respectively.

Regarding gold, futures prices for June delivery were up 0.60% to $3,243.30 per ounce, with a weekly loss of 1.67%.

According to data released today by the Department of Labor, the US added 177,000 jobs in April, following a downwardly revised gain of 185,000 in March (previously reported as 228,000).