Wall Street clocked another winning week after opening in the green on Friday despite uncertainty regarding the Iran war and rising crude oil prices.
Dow Jones Industrial Average touched a fresh record high after jumping over 360 points and opened 0.72% higher at 50,649.21, S&P 500 opened 0.56% higher at 7,487.52 and tech-heavy Nasdaq Composite index rose 0.60% to open at 25,452.24.
This is the eighth consecutive week of gains for the wider S&P 500, which rebounded from war induced lows sharply and rallied 18%.
The bond market stabilised after a flurry of selloff that drove global yields to multi-year highs, driving treasury yields lower. The yield on 10-year Treasuries declined four basis points to 4.53%.
There has been some progress on the West Asia front, however, the possibility of a final truce remains uncertain as Iran and America remain at an impasse about crucial issues like Uranium.
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Crude oil prices ticked higher with global benchmark brent crude up 1.85% $104.43 per barrel and West Texas Intermediate rose 1.40% to $97.76 per barrel.
The Mag7 stocks traded on a mixed note, with Nvidia Corp. Google-parent Alphabet Inc., and Amazon.com Inc. and Microsoft Corp. trading in the red, while Apple Inc., Meta Platforms Inc. and Tesla Inc. traded in the green.
Nvidia Corp extended its decline for the second session after posting a blockbuster Q1FY27 financial performance. The stock slid 1.36% to $216.48 as of 10:30 a.m.
The currency front remained muted with Dollar Spot Index little changed, the euro also little changed at $1.1611, and the Japanese yen was also little changed at 159.04 per dollar. However, the British pound rose 0.1% to $1.344.
Bitcoin, the largest traded cryptocurrency, fell 0.6% to $77,187.87.
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