US stocks closed the week in the green despite ending the Friday session mixed, while bond yields jumped amid fresh rate hike expectations.
Oil posted gains after the market recovered from news of a missile attack on oil facilities in Saudi Arabia.
Gold eased to lows around $1,952 per ounce amid risk-on sentiment and a rally in cryptocurrencies that saw Bitcoin break to highs above $45,000.
Wall Street closed mixed on Friday following some late sell-off pressure but ended the 5-day period positive. The gains came despite the market moving into fresh speculation over potentially higher interest rates from by Federal Reserve.
Earlier in the week, Fed Chair Jerome Powell said the central bank would move more aggressively to address inflation, including hiking rates by 50 basis points in May.
Uncertainty around the Russia-Ukraine war continued to impact markets, with tensions over an escalation tempering positive talks.
The S&P 500 closed at 4,543.06, up 0.51% on Friday. The Dow Jones Industrial Average also held to end the week at 34,861.24, adding 153.30 points, or 0.44% while the Nasdaq Composite shed 0.16% to close at 14,169.30.
In weekly performances, the S&P 500 closed 1.81% higher, while the Dow Jones Industrial Average added 0.55% over the week. The Nasdaq Composite despite Friday’s losses was 2.23% up on the weekly log.
In Europe, stocks closed slightly higher on Friday even as investor attention remained on monetary policy and the uncertainty around the Ukraine-Russia war.
The pan-European Stoxx 600 added 0.11% while Germany’s DAX closed at +0.22%. However, the benchmark European index Stoxx 600 ended a two-week winning streak as it ended the week 0.19% down.
In the UK, the FTSE 100 closed Friday’s session 0.21% up and +1.06% for the week.
Russia’s MOEX reopened on Thursday after a month. After rallying higher on Thursday, stocks fell to end Friday’s session 4% lower amid profit-taking deals.
Gold, oil and crypto
Elsewhere in the markets this week, oil prices looked to recoup losses. After retreating below $100 a barrel last week, prices have held above $110. Friday saw a slight sell-off after news emerged of a missile attack on oil facilities in major producer Saudi Arabia.
The market reversed late into the session with US standard West Texas Intermediate crude adding 1.39% to $113.90 per barrel. International benchmark Brent crude gained 1.36% to $120.65 per barrel.
Gold has had a slightly muted week after rallying hard during the first weeks of the Russia-Ukraine war. This has happened as bond yields have soared amid a hawkish Fed, with the US 10-year yield jumping to 2.49% for its highest level since May 2019.
Gold prices were 0.3% down to $1,953.60 per ounce.
In crypto, Bitcoin gained nearly 10% in the past seven days as BTC-USD rallied to highs above $45,000 on Friday.
News around the world’s largest asset manager BlackRock considering crypto services for its clients, US oil Exxon mining Bitcoin using gas and Russia signaling it could accept Bitcoin (BTC) from ‘friendly’ countries for its gas and oil added to the upside sentiment seen in the week.