US stocks hit record close, post sixth straight weekly gain

US equities closed at fresh record highs on Friday, extending gains for a sixth consecutive week, supported by labor market data, strong semiconductor stocks, and ongoing developments in the Middle East.

The Dow Jones Industrial Average was little changed at 49,609 points, preserving weekly gains of 0.22%.

The broader S&P 500 rose 0.84%, or 61 points, to 7,398, marking another record close and posting its sixth straight weekly gain at 2.33%.

The Nasdaq Composite climbed 1.71%, or 440 points, to 26,247, also setting a record closing high and surging 4.5% for the week.

Wall Street was boosted by a 5.51% jump in the Philadelphia Semiconductor Index, which tracks chipmakers, to 11,775 points, bringing its weekly gains to more than 11%.

Across the Atlantic, the Stoxx Europe 600 fell 0.69% to 612 points, trimming weekly gains to just 0.14%.

Meanwhile, the UK’s FTSE 100 declined 0.43% to 10,233 points, Germany’s DAX lost 1.32% to 24,338 points, and France’s CAC 40 fell 1.1% to 8,112 points.

In Japan, the Nikkei 225 slipped 0.19% to 62,713 points, while the broader Topix index declined 0.29% to 3,829 points.

Brent crude futures for July delivery rose 1.23%, or $1.23, to settle at $101.29 per barrel, though they still posted a weekly decline of 6.36%.

US WTI crude futures for June delivery gained 0.64%, or 61 cents, to $95.42 per barrel, narrowing weekly losses to 6.39%.

Gold futures for June delivery advanced 0.42%, or $19.80, to $4,730.70 per ounce, recording weekly gains of 1.85%.

What’s driving markets?

Markets remained cautiously optimistic after the US Department of State said it was awaiting Iran’s response to the latest proposal aimed at ending the war, following limited military confrontations between the two sides.

At the same time, the monthly jobs report reinforced investor confidence in the resilience of the labor market, while semiconductor shares continued their upward momentum.