US stocks close higher, record over 5% weekly gains

US stocks closed Friday higher, recording strong weekly gains as investor sentiment improved amid easing inflation pressures in April and optimism over a temporary trade truce with China.

The Dow Jones Industrial Average rose 0.78%, or 331 points, to settle at 42,654 points, with weekly gains of 3.41%.

The S&P 500 index added 0.70% to 5,958 points, recording weekly gains of 5.27%.

Similarly, Nasdaq Composite advanced 0.52% to close at 19,211 points.

As for European markets, the STOXX Europe 600 inched up 0.42% to 549 points, maintaining its uptrend for the fifth straight week.

The British FTSE index rose 0.59% to 8,684 points, and the German DAX index was up 0.30% to 23,767 points. The French CAC 40 index ended 0.42% higher at 7,886 points.

The Nikkei index stabilized at 37,753 points, and the broader Topix index kept flat at 2,740 points.

Brent crude futures for July delivery leapt 1.36%, or $0.88, to $65.41 per barrel. The US West Texas Intermediate (WTI) crude futures for June delivery also increased 1.41%, or $0.87, to $62.49 per barrel. Both contracts recorded weekly gains of over 2%.

Regarding gold, futures prices for June delivery were down 1.22%, or $39.4, to $3,187.20 per ounce, with a weekly loss of 4.69%.