Dow Jones adds over 470 pts, posts weekly gains

US stocks rose on Friday, posting weekly gains as oil prices declined and markets awaited developments in talks between Washington and Tehran to end the war and reopen the Strait of Hormuz.

The Dow Jones Industrial Average rose 0.93%, or 478 points, to 51,828, posting a weekly gain of 0.33%.

The broader S&P 500 gained 0.51% to 7,743, bringing its weekly advance to 1.27%.

The Nasdaq Composite rose 0.48% to 27,068, posting a weekly gain of 2.05%.

In Europe, the Stoxx Europe 600 rose 0.35% to 638.6, while posting a weekly gain of 0.50%.

The UK’s FTSE 100 gained 0.15% to 10,695, while Germany’s DAX rose 0.56% to 25,408. France’s CAC 40 was little changed at 8,077.

Japanese stocks also advanced, with the Nikkei 225 rising 1.30% to 66,364 and the TOPIX gaining 1.30% to 4,128.

Brent crude futures for November delivery fell 2.15%, or $2.28, to $104.32 a barrel, but posted a weekly gain of 0.43%.

US NYMEX crude futures for November delivery fell 2.33%, or $2.20, to $92.41 a barrel, posting a weekly loss of 7.85%.

Gold futures for September delivery rose 0.50%, or $23.2, to $4,286.2 an ounce, but declined 2.25% over the week.

This means that US stocks' performance was supported by lower oil prices, while hopes for an agreement between Washington and Tehran boosted investors’ risk appetite.