U.S. stock markets closed significantly higher on Friday, with the Nasdaq Composite and the S&P 500 reaching new all-time highs. The Nasdaq achieved its longest continuous advance since 1992. For the week, all three major U.S. stock indices posted gains: the Dow Jones Industrial Average rose 3.19%, the S&P 500 climbed 4.54%, and the Nasdaq surged 6.84%.

At market close, the Dow Jones Industrial Average was up 868.71 points, or 1.79%, finishing at 49,447.43. The Nasdaq Composite increased by 365.78 points, or 1.52%, closing at 24,468.48. The S&P 500 gained 84.78 points, or 1.20%, settling at 7,126.06. The Nasdaq's 13-day winning streak set a new record for its longest run of gains since January 1992.

Among individual stocks, Apple Inc. (AAPL) closed up 2.5%, Tesla, Inc. (TSLA) rose 3%, and Meta Platforms, Inc. (META) advanced 1.7%. Netflix, Inc. (NFLX) fell nearly 10%. The Nasdaq Golden Dragon China Index closed 0.5% higher, with Alibaba Group Holding Limited (BABA) gaining 1.7%.

In European markets, the German DAX 30 index rose 561.32 points, or 2.32%, to 24,711.86. The UK's FTSE 100 index increased by 76.98 points, or 0.73%, to 10,666.97. France's CAC 40 index climbed 162.43 points, or 1.97%, to 8,425.13. The Euro Stoxx 50 index advanced 125.57 points, or 2.12%, to 6,058.85. Spain's IBEX 35 index was up 378.81 points, or 2.09%, at 18,472.21. Italy's FTSE MIB index gained 833.56 points, or 1.74%, closing at 48,860.50.

In Asian markets, Japan's Nikkei 225 index fell 1.75%, while South Korea's KOSPI index declined 0.55%.

In the cryptocurrency market, Bitcoin rose over 3% to $77,379.98. Ethereum increased over 3.6% to $2,427.05.

Crude oil prices fell sharply as news of the Strait of Hormuz reopening boosted optimism that the U.S.-Iran conflict might be nearing an end. The May delivery light crude oil futures contract on the New York Mercantile Exchange dropped $10.84 to settle at $83.85 per barrel, a decline of 11.45%. The June delivery Brent crude futures contract on the London ICE Futures Exchange fell $9.01 to close at $90.38 per barrel, down 9.07%.

Following Iran's announcement that the Strait of Hormuz is now "fully open" to commercial shipping, the U.S. dollar erased all gains made since the outbreak of the U.S.-Iran war, further reducing demand for safe-haven assets. The U.S. Dollar Index, which measures the dollar against six major currencies, fell 0.12% to 98.098. By the end of New York forex trading, one euro traded at $1.1790, up from $1.1774 previously. One pound sterling traded at $1.3544, up from $1.3525. One U.S. dollar bought 158.24 Japanese yen, down from 159.26; 0.7801 Swiss francs, down from 0.7844; 1.3676 Canadian dollars, down from 1.3706; and 9.1396 Swedish kronor, down from 9.2051.

In precious metals, spot gold rose 0.92% to $4,834.05 per ounce, posting a weekly gain of 1.78%. COMEX gold futures increased 1.01% to $4,856.60 per ounce, accumulating a weekly rise of 1.44%. Spot silver surged 3.27% to $80.9822 per ounce, with a weekly gain of 6.74%, climbing from $72.6369 to a high of $83.0538. COMEX silver futures rose 3.09% to $81.720 per ounce, up 6.04% for the week, trading between $73.175 and $83.835.

Federal Reserve Governor Waller expressed caution regarding interest rate cuts, citing risks from the energy shock triggered by the Iran war. He warned that prolonged conflict could have lasting effects on inflation. Governor Waller outlined two primary scenarios. In the first, if the Strait of Hormuz reopens and trade flows normalize, officials could look past the spike in energy prices and focus later this year on a weakening labor market. He stated that under these conditions, he would favor a cautious approach to current rate cuts, potentially supporting the labor market with cuts later in the year if the inflation outlook stabilizes. However, he warned that markets are underestimating the risk of a prolonged conflict, which could lead high energy prices to seep into other costs. If this occurs alongside a weak labor market, it would limit policy options, potentially requiring interest rates to remain at current levels if inflation risks outweigh labor market concerns.

The U.S. administration is considering sending officials back to Pakistan within days to resume negotiations with Iran. While maintaining a maritime blockade on Iran, the Trump administration is evaluating a potential return to diplomatic talks, possibly as early as next Monday. Vice President Vance is seen as a potential lead, possibly accompanied by Middle East envoy Witkoff, to continue backchannel discussions in Islamabad. Talks held last week in Pakistan did not yield a breakthrough, with disagreements remaining on core issues like the scope of Iran's nuclear activities and terms for ending the conflict. Both sides have signaled a willingness to continue dialogue. Concurrently, European leaders held an emergency meeting in Paris to discuss ensuring freedom of navigation in the Strait of Hormuz, including escort operations, mine clearance, and intelligence sharing.

President Trump stated that U.S.-Iran negotiations are expected to resume this weekend, suggesting a deal could be reached "within a day or two." He expressed optimism, noting Iran's desire to meet and reach an agreement. He emphasized that the maritime blockade on Iran would not be lifted before a formal deal is signed but reiterated the desire for the Strait of Hormuz to be open to all nations. While significant progress has been made, key differences remain, including the duration of a suspension of Iranian nuclear enrichment and the handling of enriched uranium stockpiles. Discussions also involve the potential unfreezing of approximately $20 billion in Iranian assets in exchange for abandoning high-enrichment uranium reserves. President Trump also indicated the deal would "make Israel safer" and called for Israel to halt military strikes on Lebanon. Iran has not yet responded to these latest comments.

The volume of U.S. crude oil transported via the Panama Canal has reached its highest level in nearly four years. With shipping disruptions in the Strait of Hormuz blocking Middle Eastern supplies, Asian refiners are increasingly turning to U.S. crude imports. Data from shipping intelligence firm Kpler for the first half of April shows U.S. crude exports via this shortest route between the U.S. Gulf Coast and Asia exceeding 200,000 barrels per day, nearing the highest level since July 2022. Wait times for entering the Panama Canal have significantly lengthened, leading shippers to pay over $3 million for priority passage. Although the largest oil tankers cannot use the canal, it provides a shortcut to the Far East. The journey from the U.S. Gulf Coast to Japan via the canal typically takes nearly a month, compared to almost double that time via the Cape of Good Hope. Data indicates that the vast majority of tankers heading to the Pacific in March and April were carrying U.S. crude bound for Japan and South Korea.

Meta Platforms, Inc. (META) is planning its first major round of layoffs for this year on May 20, with further job cuts expected later, according to three informed sources. One source indicated that approximately 10% of the global workforce, close to 8,000 employees, will be affected in this initial round. The company also plans additional layoffs in the second half of the year, though specific timing and scale are yet to be finalized. Management may adjust plans based on developments in artificial intelligence capabilities. This year's layoffs would be the largest since the "Year of Efficiency" restructuring between late 2022 and early 2023, during which about 21,000 positions were cut. Despite stronger current finances, management envisions a future with fewer management layers and greater efficiency aided by AI. As of December 31 last year, Meta employed approximately 79,000 people.

BNP Paribas upgraded its rating for Apple Inc. (AAPL) from "Neutral" to "Outperform."