US stocks close higher, post weekly gain

US stocks closed higher on Friday and posted weekly gains, supported by the successful initial public offering of SpaceX, which boosted investor sentiment, as well as growing optimism over a potential agreement between the US and Iran.

The Dow Jones Industrial Average rose 353.51 points, or 0.70%, to 51,202.26, posting a weekly gain of 0.66%.

The S&P 500 advanced 37 points, or 0.50%, to 7,431, bringing its weekly gain to 0.64%.

The Nasdaq Composite added 79 points, or 0.31%, to 25,888, ending the week up 0.70%.

In Europe, the STOXX Europe 600 climbed 1.88% to 633 points, recording a weekly gain of 1.69%.

The UK's FTSE 100 rose 1.63% to 10,471, Germany's DAX gained 1.76% to 24,635, and France's CAC 40 advanced 1.83% to 8,350.

In Japan, the Nikkei 225 jumped 2.80% to 66,020, while the broader Topix index rose 1.35% to 3,881 points.

Brent crude futures for August delivery fell 3.37%, or $3.05, to $87.33 per barrel, posting a weekly loss of 6.18%.

US WTI crude futures for July delivery declined 3.23%, or $2.83, to $84.88 per barrel.

Meanwhile, gold futures for August delivery surged 3%, or $124.80, to settle at $4,238.80 per ounce, trimming their weekly decline to 2.90%.

Wall Street was supported by the strong debut performance of SpaceX shares and optimism that the US and Iran are nearing a deal. Improved risk appetite encouraged investors to move into equities, while easing concerns over supply disruptions weighed on oil prices.