US stocks end higher, post weekly gains

US stocks closed higher on Friday, lifted by technology shares, posting weekly gains despite weak performance in July amid persistent geopolitical tensions and concerns over tighter monetary policy.

The Dow Jones Industrial Average rose 0.53%, or 276 points, to 52,485, bringing its weekly and monthly gains to 1% and 0.31%, respectively.

The S&P 500 advanced 0.70%, or 52 points, to 7,489, extending its weekly gain to 1%, although it slipped 0.13% over July.

The Nasdaq Composite climbed 1%, or 251 points, to 25,373, ending the week up 1.59%, but posting a 3.2% monthly decline.

In Europe, the STOXX Europe 600 index fell 0.12% to 649, trimming its weekly rise to 0.73% and its monthly advance to 1.16%.

FTSE 100 slipped 0.27% to 10,868. Germany's DAX was little changed at 25,629, while France's CAC 40 rose 0.28% to 8,509.

In Asia, Japan's Nikkei 225 surged 4% to 64,362, while the broader TOPIX gained 1.3% to 4,003.

Brent crude futures for September delivery rose 1.22%, or $1.09, to settle at $90.12 a barrel, while US WTI crude for September delivery gained 1.29%, or $1.08, to $84.67 a barrel.

October gold futures fell 1.27%, or $52.80, to $4,076.60 an ounce.

Market drivers

Technology stocks led the market higher after strong results from Amazon boosted confidence that spending on artificial intelligence will remain resilient, offsetting pressure from higher bond yields and oil prices. Investors continued to weigh solid corporate earnings against inflation risks and ongoing geopolitical tensions.