S&P 500, Nasdaq hit record highs, post weekly gains

US stocks ended Friday in the green, posting weekly gains amid investor optimism over trade prospects and support from a corporate earnings season that showed strong performance by companies in the second quarter.

The Dow Jones Industrial Average edged up 0.47%, or 208 points, to 44,901 ,recording a weekly rise of 1.26%.

Likewise, the S&P 500 Index added 0.40%, or 25 points, to 6,388, scaling a fresh record high. It posted a weekly gain of 1.46% demonstrating positive performance for the tenth straight session.

The Nasdaq Composite Index finished 0.24%, or 50 points, up at 21,108, hitting a record high. It boosted its weekly gains to more than 1%.

Meanwhile, IBM shed 7.62% to $260.51 amid investor concerns about potential weakness in the software business.

Tesla shares also dipped 8.20% to $305.30. The company reported negative results with a 23% profit drop.

The STOXX Europe 600 declined 0.3% to 549.95 pts, but recorded a weekly rise of 0.55%.

Germany’s DAX fell by 0.3% to 24,217, with France’s CAC inching down 0.2% to 7,834. The UK’s FTSE 100 eased 0.2% to 9,120.

In Japan, Nikkei 225 dropped 0.9% to 41,456 points, while the broader Topix index edged down 0.85% to end at 2,951 pts. Both indices posted weekly rises of over 4%.

In the oil market, Brent crude futures for September delivery fell by 1.1%, or 74 cents, to $68.44 a barrel, marking their lowest level since July 4 and recording a weekly loss of 1.2%.

US West Texas Intermediate (WTI) crude futures for September delivery dropped by 1.3%, or 87 cents, to $65.16, extending their weekly decline to 2.86%.

As for gold, August gold futures fell by 1.12%, or $37.9, to $3335.6 per ounce, registering a weekly loss of 0.67%.