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US stocks ended the week in the green despite a mixed end to Friday’s session, while bond yields jumped amid fresh rate hike expectations.
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Oil recorded gains following the market recovered from news of a missile attack on oil facilities in Saudi Arabia.
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Gold hit lows of around $1,952 an ounce amid risk sentiment and a rally in cryptocurrencies that saw Bitcoin hit highs above $45,000.
US stocks
Wall Street closed mixed on Friday following some late selling pressure, but ended the 5-day period on a positive note. The gains came despite the market embarking on further speculation regarding potentially higher interest rates from the Federal Reserve.
Earlier in the week, Fed Chairman Jerome Powell said the central bank would act more aggressively to fight inflation, including raising rates by 50 basis points in May.
Uncertainty around the Russian-Ukrainian war continued to affect markets, with escalating tensions tempering positive talks.
The S&P 500 closed at 4,543.06, up 0.51% on Friday. The Dow Jones Industrial Average also held on to end the week at 34,861.24, adding 153.30 points, or 0.44%, while the Nasdaq Composite lost 0.16% to close at 14,169.30.
In weekly performance, the S&P 500 closed up 1.81%, while the Dow Jones Industrial Average gained 0.55% on the week. The Nasdaq Composite, despite Friday’s losses, was up 2.23% on the weekly newspaper.
European stocks
In Europe, stocks closed slightly higher on Friday even as investors’ attention remained on monetary policy and uncertainty around the Ukraine-Russia war.
The pan-European Stoxx 600 gained 0.11% while the German DAX closed at +0.22%. However, Europe’s benchmark Stoxx 600 index ended a two-week winning streak by ending the week down 0.19%.
In the UK, the FTSE 100 closed Friday’s session up 0.21% and +1.06% for the week.
The Russian MOEX reopened on Thursday following a month. After rebounding on Thursday, stocks fell to end Friday’s session down 4% amid profit-taking deals.
Gold, oil and crypto
Elsewhere in the markets this week, oil prices sought to recoup losses. After retreating below $100 a barrel last week, prices held above $110. Friday saw a slight selloff following news of a missile attack on oil facilities in the major Saudi producer.
The market reversed late in the session, with US standard West Texas Intermediate crude adding 1.39% to $113.90 a barrel. International benchmark Brent rose 1.36% to $120.65 a barrel.
Gold had a slightly muted week following rallying strongly in the early weeks of the Russian-Ukrainian war. It came as bond yields soared amid a hawkish Fed, with the US 10-year yield hitting 2.49% for its highest level since May 2019.
The price of gold fell 0.3% to $1,953.60 an ounce.
In crypto, Bitcoin has gained nearly 10% in the past seven days as BTC-USD hit highs above $45,000 on Friday.
News around the world’s largest asset manager, BlackRock, is considering crypto services for its clients, US oil Exxon is mining Bitcoin using gas, and Russia signals it may accept Bitcoin (BTC) from countries “ friends” for its gas and oil added to the bullish sentiment seen in the week.