The S&P 500 rose 0.4% to cap its biggest weekly gain since early November 2023 and briefly crossed above the 6,000 level for the first time. The Dow Jones Industrial Average climbed 259 points, or 0.6%, while the Nasdaq composite added 0.1%.

Wall Street has a poor track record when it comes to forecasting the future performance of the stock market. Since 2020, there has been a 17-percentage-point discrepancy between analysts' median year-end forecast for the S&P 500 and where the index actually finished each year, according to Goldman Sachs.

U.S. stocks are drifting ahead of a momentous week full of potential flashpoints, but other markets are already moving more sharply, including a jump for oil prices and drops for Treasury yields