US stocks closed the week on a high note, with the S&P 500 and Nasdaq Composite notching fresh closing highs Friday, as easing geopolitical tensions and renewed trade optimism lifted investor sentiment.
The Dow Jones Industrial Average rose 1 percent, helped by a 15 percent jump in Nike shares. Investors cheered the company’s “Win Now” strategy, which offered a more upbeat outlook despite a rough earnings report.
Markets drew further encouragement from geopolitical developments. A ceasefire agreement between Israel and Iran helped calm fears of a wider regional conflict, contributing to a pullback in crude prices. West Texas Intermediate futures edged down 0.3 percent to USD65.05 per barrel after briefly breaching USD77 earlier in the week.
Meanwhile, U.S. Commerce Secretary Howard Lutnick confirmed the country had finalized a trade deal with China and expects to sign agreements with 10 more nations in the coming days. His remarks were seen as a signal the US is ramping up economic diplomacy to secure supply chains and ease trade bottlenecks.
Gold prices slid 1.9 percent to USD3,285 an ounce—their lowest for the month—reversing gains earlier in the week when global uncertainty briefly pushed the precious metal above USD3,400.
