It was a night of milestones on Wall Street during Friday’s session, with the Dow managing a new record closing high.
The night was light on for economic data. March wholesale inventories rose more than expected whilst a separate survey revealed the number of American job openings fell in March by more than expected.
The turnaround on the Dow was instead attributed to a successful end to the first quarter earnings season.
Around 77% percent of S&P500 companies reported first quarter profit that beat expectations, an improvement on the fourth quarter, when approximately 66% of companies surprised to the upside.
The week was also notable for another sell-off in technology shares. The tech-heavy Nasdaq slid 1.3% over the week – its biggest such drop in four weeks.
Commodities were generally weaker. Iron ore slid another percent to its lowest since September 2012 amid ongoing concerns Chinese demand will fail to absorb a supply influx from global miners later this year.
Elsewhere, gold was unchanged whilst oil slipped below $100 a barrel, both pressured by a stronger US dollar.
Gold had a rough week overall, sinking over 1% following Janet Yellen’s upbeat comments on the US economy, which dulled the precious metal’s safe haven appeal.
The greenback strengthened on the back of comments from Fed President, Richard Fisher, who said the central bank could finish winding down its stimulus program as early as October this year.
The US dollar’s strength contrasted with the euro, which extended its declines as traders continue to price in a June start date for the next round of ECB stimulus.