NEW YORK, New York - U.S. stock markets closed firmly in positive territory on Friday, capping a resilient week for equities as investors brushed aside inflation concerns and piled back into technology shares, pushing the Nasdaq Composite to an outsized gain.

The Standard and Poors' 500 advanced 47.55 points, or 0.62 percent, to finish the session at 7,757.51. The broad-market benchmark traded between an intraday low of 7,719.19 and a new 52-week high of 7,763.08, extending its yearly range well above its trough of 6,316.91. Trading volume for the index reached 2.613 billion shares.

The Dow Jones Industrial Average notched a more modest gain, rising 151.42 points, or 0.28 percent, to close at 54,036.52. The blue-chip index moved within a session band of 53,807.94 to 54,094.65, with the high end marking a fresh 52-week peak. The Dow's yearly low stands at 43,911.31, underscoring the robust recovery over the past 12 months. Volume on the Dow totaled 367.091 million shares.

The NASDAQ Composite was the day's standout performer, surging 342.26 points, or 1.30 percent, to end at 26,690.62. The tech-heavy index was buoyed by strong gains in megacap growth stocks and semiconductor names, as investors rotated back into the sector that has driven much of the year's rally. Trading volume for the Nasdaq reached 6.437 billion shares.

Market strategists attributed Friday's rally to a combination of factors, including better-than-expected corporate earnings, easing fears about an economic slowdown, and expectations that the Federal Reserve may signal a pause in its rate-hiking cycle at its next meeting.

"The Nasdaq's 1.3 percent jump tells you where the conviction is right now – growth and technology are back in favour," said Sarah Mitchell, chief market strategist at LPL Financial. "Investors are looking past near-term volatility and focusing on the long-term earnings potential of these companies."

All three major U.S. indexes finished the week with solid gains, with the Nasdaq leading the charge as bond yields stabilised and quarterly results from key tech firms beat consensus estimates.

Trading volumes were above average across the exchanges, suggesting broad participation in the rally as institutional investors adjusted positions heading into the weekend.

U.S. Dollar Slides Across the Board Friday as Global Currencies Rally 

The U.S. dollar suffered broad losses against major world currencies on Friday, as every major currency pair tracked strengthened against the greenback, with investors betting on a shift in Federal Reserve policy and upbeat risk sentiment driving demand for foreign assets.

The euro led the charge, with the EUR-USD pair climbing 0.36 percent to last trade at 1.1567. The single currency extended its recent rebound as traders digested softer U.S. economic data and growing expectations that the European Central Bank may hold rates steady for longer than previously anticipated.

The Japanese yen also posted solid gains, with the USD-JPY pair falling 0.60 percent to 157.48. The yen benefited from safe-haven flows amid lingering geopolitical jitters, as well as speculation that Japanese authorities may be preparing to intervene again, to support the currency if volatility persists.

Sterling advanced against the dollar, with the GBP-USD pair rising 0.33 percent to 1.3500. The pound found support from better-than-expected U.K. retail sales figures and hawkish commentary from Bank of England officials, who signalled that interest rates may need to stay higher for longer to combat stubborn inflation.

The Australian dollar was among the stronger performers, with the AUD-USD pair surging 0.58 percent to 0.7073. The risk-sensitive currency benefited from a rally in commodity prices, particularly iron ore and gold, as well as improved appetite for high-yielding assets amid a weaker greenback.

The Canadian dollar also gained ground, pushing the USD-CAD pair down 0.51 percent to 1.3942. The loonie was buoyed by a rebound in crude oil prices, Canada's major export, which offset concerns about slower global demand.

The Swiss franc posted the day's largest percentage gain among the major currencies, with the USD-CHF pair tumbling 0.63 percent to 0.8072. The franc, traditionally viewed as a safe-haven asset, attracted buyers as investors rotated away from the dollar amid uncertainty over the U.S. fiscal outlook and the trajectory of interest rates.

Market analysts said the U.S. dollar's weakness reflects a combination of factors, including growing conviction that the Federal Reserve may begin cutting rates sooner than previously thought, as well as a stabilisation in global growth prospects that favours non-dollar assets.

"The synchronised move higher in currencies against the dollar tells you this is a dollar story, not a regional one," said James Chen, head of FX strategy at CMC Markets. "Investors are pricing in a more dovish Fed, and that's weighing on the greenback across the board."

Trading volumes were moderately elevated ahead of the weekend, with traders positioning for next week's U.S. inflation data and speeches by Federal Reserve officials that could provide further clues on the policy outlook.

Global Markets on Friday Close Mixed as UK and European Stocks Rise, Asian Indexes Falter

World stock markets closed on a mixed note Friday, with Canadian, UK and European benchmarks posting solid gains while Asian indexes stumbled, as investors weighed economic data and corporate earnings against lingering geopolitical uncertainties.

In Canada, the S&P/TSX Composite index gained 244.92 points, or 0.68 percent, to close at 36,381.23, with volume of 300.135 million shares. The Canadian benchmark was lifted by strength in energy and financials, tracking the broader positive sentiment across North American markets

In Europe, Germany's DAX P outperformed its peers, surging 179.32 points, or 0.69 percent, to close at 26,319.45. The benchmark hit a fresh 52-week high of 26,445.18 during the session, after opening at 26,223.64, and remains well above its yearly low of 21,863.81.

France's CAC 40 added 15.22 points, or 0.17 percent, finishing at 8,714.93. It traded between 8,697.19 and 8,755.03, also touching a new 52-week peak of 8,755.03, compared to its low of 7,505.27.

The broader EURO STOXX 50 I rose 21.30 points, or 0.33 percent, to 6,523.86, while the Euronext 100 Index gained 3.45 points, or 0.18 percent, closing at 1,969.10. The Euronext 100 set a new annual high of 1,980.20, up from a low of 1,574.64. Belgium's BEL 20 also advanced, rising 17.51 points, or 0.30 percent, to 5,777.71.

The FTSE 100 in London climbed 33.20 points, or 0.31 percent, to end the session at 10,901.09. The index traded between an intraday low of 10,855.17 and a high of 10,959.94, moving further above its 52-week trough of 9,079.90.

Asian markets, however, told a different story. Hong Kong's HANG SENG INDEX bucked the regional trend, rising 137.75 points, or 0.54 percent, to 25,668.03, after trading between 25,393.13 and 25,669.52. It remains within a 52-week range of 22,518.00 to 28,056.10.

China's SSE Composite Index added 39.68 points, or 1.02 percent, to close at 3,940.04, with trading volume of 664.283 million shares.

In Singapore, the STI Index also gained, jumping 59.44 points, or 1.05 percent, to 5,698.43, near its high of 5,700.07, compared to a yearly low of 4,181.99.

But most other Asian benchmarks retreated on Friday. Australia's S&P/ASX 200 dipped 8.00 points, or 0.09 percent, to 9,263.60, while the broader ALL ORDINARIES slipped 6.90 points, or 0.07 percent, to 9,445.10. Both indexes hit new 52-week highs earlier in the session at 9,274.70 and 9,455.50, respectively.

India's S&P BSE SENSEX fell sharply, losing 455.59 points, or 0.58 percent, to close at 78,499.17, well off its peak of 86,159.02. South Korea's KOSPI Composite Index dropped 37.61 points, or 0.60 percent, to 6,258.77, with trading volume of 299,377. The index's yearly range stretches from 3,079.27 to 9,385.59.

In Japan, the Nikkei 225 edged down 76.55 points, or 0.12 percent, to 65,606.71, while Taiwan's TWSE Capitalization Weighted Stock Index lost 170.79 points, or 0.38 percent, closing at 44,225.91.

Elsewhere, Indonesia's IDX COMPOSITE gained 65.94 points, or 1.04 percent, to 6,409.65, and Malaysia's FTSE Bursa Malaysia KLCI fell 1.40 points, or 0.08 percent, to 1,735.75. New Zealand's S&P/NZX 50 INDEX GROSS declined 133.93 points, or 0.96 percent, to 13,824.13, near the lower end of its 52-week range.

In the Middle East on Friday, most markets were closed, and scheduled to reopen on Sunday; however in Israel, it was business as usual, and the  TA-125 rose 33.13 points, or 0.82 percent, to 4,065.60,

In Africa, South Africa's Top 40 USD Net TRI Index posted the day's strongest gain, soaring 222.31 points, or 3.15 percent, to 7,284.32.

(This report incorporates quotes retrieved with the assistance of artificial intelligence).

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