US stock markets records highest weekly performance this year

(MENAFN) Major US stock exchanges ended the trading session on Friday with notable gains, marking their best weekly performance of the year so far. The Dow Jones Industrial Average saw an increase of 96 points, or 0.24 percent, closing at 40,659. Over the week, the blue-chip index rose by 2.9 percent, reflecting strong overall performance. Similarly, the S&P 500 gained 11 points, or 0.2 percent, finishing at 5,554. This index recorded a weekly gain of 3.9 percent, indicating solid growth across a broad range of sectors.

The Nasdaq Composite also saw a significant rise, up nearly 37 points, or 0.21 percent, to end the day at 17,631. For the week, the technology-heavy index experienced an impressive increase of 5.2 percent. These gains across the major indexes highlight a strong performance in the equity markets, buoyed by positive economic indicators and investor sentiment.

In the broader financial markets, the VIX volatility index, often referred to as the "fear index," decreased by 2.8 percent to 14.80, suggesting reduced investor anxiety. Additionally, the yield on the 10-year US Treasury bond fell by 1.1 percent to 3.883 percent, reflecting lower long-term interest rates. The US dollar index dropped by 0.53 percent to 102.44, while the euro strengthened by 0.47 percent to USD1.1023 against the dollar, signaling a shift in currency dynamics.

Precious metals saw substantial gains, with gold increasing by 2.1 percent to USD2,508 per ounce and silver rising by 2.2 percent to USD28.98. Conversely, oil prices experienced a decline of more than 1.5 percent. The global benchmark Brent crude was priced at USD79.77 per barrel, while the US benchmark West Texas Intermediate stood at USD76.69 per barrel. This drop in oil prices reflects ongoing market adjustments and varying global economic conditions.

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