Major U.S. stock indexes climbed on Friday, with the Dow posting a record closing high and the S&P 500 logging its eighth straight weekly gain, as investors weighed signs of progress in U.S.-Iran negotiations.
Secretary of State Marco Rubio said the U.S. has seen some progress toward a deal, though more work is necessary. Tehran acknowledged deep and significant differences remain. Pakistan's military chief traveled to Iran on Friday to continue mediation efforts.
Treasury yields eased, with the benchmark 10-year note falling 2.6 basis points to 4.558%. Earlier in the week, yields had hit their highest level since January 2025 amid energy disruption concerns.
"Now that we're out of earnings season, these macro conditions may be a bigger factor," said Anthony Saglimbene, chief market strategist at Ameriprise.
The Dow rose 294 points to 50,579.70. The S&P 500 gained 27 points to 7,473.47. The Nasdaq added 50 points to 26,343.97. European shares also finished higher, with the STOXX 600 up 0.73%.
Oil prices edged higher as the conflict's impact on supply remained a concern. U.S. crude settled at $96.60 a barrel.
U.S. consumer sentiment plunged to a record low in May, driven by surging gasoline prices.
The dollar held near six-week highs. Kevin Warsh was sworn in as Fed chair on Friday.
Spot gold fell 0.78% to $4,506.47 an ounce.