Dow jones closes above 50,000 for first time ever

US stocks closed higher on Friday, with the Dow Jones Industrial Average ending above the 50,000-point mark for the first time on record, supported by a cooling selloff in technology shares and cryptocurrencies.

The Dow jumped 2.47%, or 1,206 points, to end at 50,115, posting weekly gains of 2.50%.

The broader S&P 500 climbed 1.97%, or 133 points, to 6,932, but ended the week slightly lower, down about 0.10%.

The Nasdaq Composite advanced 2.18%, or 490 points, to 23,031, though it recorded a weekly loss of 1.83%.

In Europe, the STOXX Europe 600 rose 0.90% to 617.12, logging weekly gains of 1%, despite a 3% drop in the autos sector on the day.

Germany’s DAX gained 0.95% to 24,721. France’s CAC 40 rose 0.45% to 8,273, and the UK’s FTSE 100 advanced 0.60% to 10,369.

In Japan, the Nikkei 225 climbed 0.80% to 54,253, while the broader Topix index rose 1.30% to a record 3,699. Both indices posted strong weekly gains of 1.75% and 3.7%, respectively.

Oil prices ended higher, with Brent crude futures for April delivery up 0.74%, or 50 cents, at $68.05 a barrel, though they fell 3.73% over the week.

US WTI crude futures for March delivery rose 0.41%, or 26 cents, to $63.55 a barrel, trimming weekly losses to 2.54%.

Gold prices also climbed, with April futures rising 1.84%, or $90.30, to $4,979.80 an ounce, marking weekly gains of 4.94%.

What’s behind the market movement?

The technology sector rebounded from a recent sharp selloff, while investors’ recent rotation away from tech helped 66 stocks in the S&P 500 hit new 52-week highs during the session.