U.S. Stock Markets End Week Up

(MENAFN) Wall Street closed out the week with a landmark rally Friday, as the Dow Jones Industrial Average surged to a historic peak — climbing 294.04 points, or 0.58%, to settle at 50,579.70, marking a record close for the blue-chip index.

Broader markets followed suit. The S&P 500 advanced 27.75 points, or 0.37%, finishing at 7,473.47, while the Nasdaq Composite edged 50.87 points higher, or 0.19%, to close at 26,343.97. Risk appetite appeared measured but resilient across the board.

Adding to the bullish tone, the CBOE Volatility Index (VIX) — widely known as Wall Street's "fear gauge" — eased 0.36% to 16.7, signaling a relative calm among investors.

In a significant monetary policy development, Kevin Warsh was officially sworn in as Chair of the Federal Reserve during a White House ceremony Friday, following his nomination by US President Donald Trump. Speaking at the event, Trump said: "I want Kevin to be totally independent, I want them to be independent and just do a great job. Don't look at me, don't look at anybody, just do your own thing and do a great job."

Warsh, for his part, underscored the central bank's twin mandates of price stability and maximum employment in his remarks.

On the fixed income front, US Treasury yields retreated. The benchmark 10-year note yield slipped roughly three basis points to 4.56%, while the 30-year bond yield shed five basis points to reach 5.06% — a move that offered some relief to rate-sensitive sectors.

Brent crude futures posted a roughly 1% gain to $103.48 per barrel as of 2010 GMT, recovering ground amid an otherwise choppy trading environment for oil markets.

Consumer sentiment data, however, offered a sobering counterpoint. The University of Michigan's consumer confidence index slid to 44.8 in May following a downward revision — an all-time low — underscoring persistent unease among American households over the economic outlook.

US markets will remain closed Monday in observance of Memorial Day.

European Markets
Across the Atlantic, European equities closed firmly in positive territory. The pan-continental Stoxx Europe 600 gained 0.73% to finish at 625.12 points.

Among major national indices, Germany's DAX 40 outperformed, surging 1.15% to 24,888.56. Italy's FTSE MIB 30 climbed 0.7% to 49,510.97, and France's CAC 40 rose 0.37% to 8,115.75. The UK's FTSE 100 posted a modest advance of 0.22% to close at 10,466.26, while Spain's IBEX 35 gained a marginal 0.06% to end the session at 17,985.30.

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