U.S. stocks opened higher on Friday, led by technology stocks, as a sense of calm prevailed over the financial market in a week that was dominated by political uncertainty surrounding Donald Trump's presidency.
World stocks hit a record high on Wednesday after strong earnings and the prospect of tax cuts for corporate America boosted U.S. shares and the euro held on to recent gains as political concerns in France ebbed.
World stocks hit record highs on Tuesday, with investors' relief at centrist Emmanuel Macron's victory in the first round of the French presidential election supported by speculation about U.S. tax reform.
Global equity markets rallied on Monday to lift a gauge of world stock indexes to a fresh peak, while the euro briefly jumped to a five-month peak against the U.S. dollar as the first round of an election in France went to the market's preferred contender.
China stocks tumbled more than 1% on Monday in their worst day this year amid signs that Beijing will tolerate further market volatility as regulators increasingly clamp down on shadow banking and speculative trading.
Crude oil prices fell on Friday as oversupply concerns resurfaced, while the euro and stocks slipped ahead of the first round of the French presidential election on Sunday. Crude oil prices slid more than 2.0% on Friday, on track for the biggest weekly drop in a month, on renewed concerns that increasing U.S. production and high inventories will thwart OPEC's attempts to reduce the global crude glut.
U.S. stocks have struggled since the timeline for the Trump administration's pro-growth agenda came into question, but investors appear confident that next week's deadline that could shut down the federal government will not become another market hurdle.