US stocks hit record highs, post weekly gains

US equities closed in the green on Friday, reaching fresh record levels and posting weekly gains, supported by strong performance in the semiconductor sector and growing optimism over a potential resumption of US-Iran peace talks.

At the close, the Dow Jones Industrial Average slipped 0.16%, or 79 points, to 49,230, ending the week down 0.44%.

The S&P 500 rose 0.8%, or 56 points, to 7,165, marking a record close and a weekly gain of 0.54%.

The Nasdaq Composite climbed 1.63%, or 398 points, to 24,836, also hitting a record high and posting a weekly rise of 1.50%.

In Europe, the Stoxx Europe 600 fell 0.58% to 610 points, recording a weekly loss of 2.54%.

The UK’s FTSE 100 declined 0.75% to 10,379. France’s CAC 40 slipped 0.84% to 8,157, and Germany’s DAX edged down 0.11% to 24,128.

In Japan, the Nikkei 225 rose 0.97% to an all-time high of 59,716, boosting its weekly gains to 2.1%, while the broader Topix index held steady at 3,716 points.

Brent crude futures for June delivery added 0.25%, or 26 cents, to $105.33 per barrel, posting weekly gains of 16.54%.

By contrast, US WTI crude futures for June fell 1.51%, or $1.45, to $94.40 per barrel, trimming weekly gains to 12.58%.

Gold futures for June rose 0.36%, or $16.90, to $4,740.90 per ounce, but still posted a weekly loss of 2.84%.

What’s driving markets?

Investor sentiment improved after reports that Iran’s foreign minister arrived in Islamabad to discuss a potential second round of negotiations, alongside a White House announcement that envoys would be dispatched to participate in the talks.