Wall Street hits record high, posts weekly gains

US stocks closed Friday’s session at a new record high, posting their strongest weekly performance since mid-April. This came after the jobs report reduced investors’ bets on a Federal Reserve interest-rate hike.

The Dow Jones Industrial Average rose 0.28%, or 151 points, to 54,036, bringing its weekly gain to 2.95%.

The broader S&P 500 advanced 0.62%, or 47 points, to 7,757, closing at a new record high and increasing its weekly gain to 3.57%.

The Nasdaq Composite climbed 1.30%, or 342 points, to 26,690, bringing its weekly gain to 5.19%.

In Europe, the Stoxx Europe 600 ended the session 0.31% higher at 660 points, marking a record close and a weekly gain of 1.70%.

The UK’s FTSE 100 rose 0.31% to 10,901, while Germany’s DAX gained 0.69% to 26,319 and France’s CAC 40 advanced 0.17% to 8,714.

In Japan, the Nikkei 225 edged down 0.10% to 65,606, while the broader Topix rose 0.45% to 4,074.

Brent crude futures for October delivery rose 1.29%, or $1.06, to $83.55 a barrel.

US Nymex crude futures for September delivery increased 1.15%, or 89 cents, to $78.18 a barrel.

Meanwhile, gold futures for December delivery jumped 2.33%, or $100.10, to $4,399.70 an ounce.

Investors interpreted the weak jobs data as a sign that reduced the likelihood of a rate hike, while strong earnings from several technology companies boosted market optimism. Expectations of a potential deal concerning the Strait of Hormuz also supported risk appetite.