Hope of an easing in the Iran conflict led U.S. stock markets to gain on Friday. At the close in New York, the Dow Jones stood at 50,580 points, which was 0.6 percent higher than the previous day’s close, setting a new all-time high. The broader S&P 500 finished the day 0.4 percent stronger at 7,473 points, while the technology-focused Nasdaq 100 was up 0.4 percent, closing at 29,481 points. Investors are anticipating a potential agreement between the U.S. and Iran, a scenario that allowed the S&P 500 to achieve its eighth consecutive week of gains, an unprecedented run in recent years.
In other economic news, yields on two-year bonds reached their highest level in over a year, following reports that the Federal Reserve might forgo a scheduled interest rate hike. Since an interest rate increase is currently factored entirely into the market for this year, the failure to raise rates could prompt further rallies in equity markets.
Despite the positive outlook for equities, the price of oil rose further. On Friday evening, a barrel of North Sea Brent crude cost $103.70 USD, marking an increase of 1.1 percent compared to the previous trading day’s close.
Gold prices weakened, falling 0.9 percent to $4,506 USD per fine ounce, which equates to €124.83 per gram. Finally, the Euro showed some weakness against the dollar on Friday evening, as one Euro traded at $1.1605 USD, meaning the dollar was available for 0.8617 Euros.
