U.S. Stocks End Friday Up
The Dow Jones industrial average climbed 0.7%, or 353.51 points, to close at 51,202.26. The S&P 500 gained 0.5%, or 37.16 points, to finish at 7,431.46, while the Nasdaq Composite added 0.31%, or 79.18 points, to end at 25,888.84. The Volatility Index (VIX), widely known as the market's "fear index," dropped 9.05% to 17.68.
Elon Musk's Space Exploration Technologies Corp. (SpaceX) made its Nasdaq debut under the SPCX ticker, opening at $150 — above its IPO price of $135 — before surging more than 20% within minutes of trading. The stock closed at $160.95, a gain of 19.22% from its offering price. The strong performance was widely interpreted as a bullish signal for the broader IPO market.
Technology shares were mixed. Advanced Micro Devices and Alphabet advanced, while Nvidia traded flat. Broadcom, Palantir Technologies, Amazon, and Microsoft finished in the red.
Stocks briefly surrendered gains after President Trump issued a fresh warning to Iran even as diplomacy continued, but major indexes recovered after Pakistani Prime Minister Shehbaz Sharif confirmed a "final, agreed upon text" of a deal had been reached. Iranian state media reported that the draft memorandum of understanding includes a US commitment to lift oil sanctions and an Iranian pledge to reopen the Strait of Hormuz.
Oil prices fell on the prospect of easing supply risks. Brent crude futures dropped 3.8% to $86.9 per barrel, while West Texas Intermediate (WTI) declined roughly 3% to approximately $84 per barrel.
European markets also surged. The pan-European Stoxx Europe 600 rose 1.88% to 633.21 points. Germany's DAX 40 gained 1.76% to 24,635.30, France's CAC 40 advanced 1.83% to 8,350.87, Italy's FTSE MIB 30 climbed 1.97% to 51,497.21, Spain's IBEX 35 added 1.67% to 16,832.86, and the UK's FTSE 100 rose 1.63% to 10,471.72.
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