The S&P 500 climbed 0.9% last week to notch its longest weekly winning streak since late 2023. The Dow climbed 2.1%, marking its third weekly gain in four weeks. The Nasdaq rose 0.5% last week, its seventh in eight weeks.
Trump said negotiations with Iran were 'proceeding in an orderly and constructive manner.' Meanwhile, regional officials told The Associated Press on Sunday that the United States is close to reaching a deal with Iran that would end the war, reopen the Strait of Hormuz and see Iran give up its stockpile of highly enriched uranium, reopening the Strait of Hormuz will help decide the direction of oil prices. Its closure due to the war has prevented oil tankers from exiting the Persian Gulf and delivering crude to customers worldwide. Japan, for instance, imports almost all its oil, most of it through the strait.
Benchmark U.S. crude oil declined $4.77, or more than 4%, to $91.83 a barrel. Brent crude, the international standard, sank $4.86 to $98.68 a barrel. Recent earnings reports from U.S. companies that topped analysts' expectations are helping markets, though concerns over inflation have risen as the war has dragged on.
In Asia, Japan's benchmark Nikkei 225 surged 2.9% to finish at 65,158.19. Australia's S&P/ASX 200 added 0.4% to 8,692.00. The Shanghai Composite gained nearly 1% to 4,152.57. France's CAC 40 edged up 1.1% to 8,203.32, while the German DAX rose 1.0% to 25,148.39. Britain's FTSE 100 added 0.2% to 10,466.26. Trading will be closed in the U.S. for the Memorial Day holiday.
U.S. Treasury yields were mixed on Friday as Kevin Warsh took the reins at the Federal Reserve. The volatility followed a week that had earlier seen borrowing costs rise to multi-year highs in response to renewed concerns about inflation. The yield on the 10-year U.S. Treasury note ' the key benchmark for U.S. government borrowing ' last fell more than 2 basis points to 4.558%.
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