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Risk appetite returned to Asia's equity markets on Monday after better-than-expected U.S data boosted investor confidence in the global economic recovery.
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Stocks closed out the week with strong gains, with the Dow and S&P 500 hitting fresh highs and all three major averages logging their fourth-straight weekly advance, boosted by a pair of positive economic reports.
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European stocks closed higher after volatile trade on Friday, boosted by a rally in the auto sector. The pan-European FTSEurofirst 300 closed provisionally at a new 5-year closing peak.
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The Obama administration on Friday said it was ready to free up about $260 billion so the nation could continue paying its bills as a temporary debt ceiling suspension lapses.
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Bloomberg LP on Friday announced the appointment of a privacy advisor after being embroiled in criticism of reporters use of Bloomberg terminals to obtain private information.
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US consumer sentiment rebounded in early May to the highest level in nearly six years as Americans felt better about their financial and economic prospects.
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China's benchmark index out-performed the broader Asian market for a second straight session on Friday as investors cheered moves by the government to ease strict regulation while the rest of Asia's equity markets traded cautiously as concerns grew over a U.S. Federal Reserve exit from quantitative easing.
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President Obama on Thursday named White House budget official Daniel Werfel the new acting IRS commissioner.
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Check out which companies are making headlines after the bell Thursday:
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JC Penney reported a bigger quarterly loss and lower revenue than expected. CEO Mike Ullman vowed to put the retailer "back on a path to profitable growth."
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Dell reported earnings that fell far shy of market forecasts but revenue came in better than expected. Shares were little changed after-hours.
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Stocks ended near session lows Thursday pressured by a handful of weak economic data and as some Fed officials stated their openness to tapering the central bank's bond-buying program in the coming months.
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Thursday's economic reports featured mostly bad news, with housing starts plunging and jobless claims rising while inflation remained under control.
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European shares closed flat-to-lower on Thursday, pressured by downbeat data from the U.S. that included a jump in jobless claims and a drop in housing starts.
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President Barack Obama on Monday called the Internal Revenue Service's focus on conservative groups "outrageous."
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Dell earnings are expected to come in below Wall Street's expectations, sources told CNBC. On Tuesday, the company said it will move up its earnings announcement to Thursday.
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President Obama said that he did not know about the IRS Inspector General's report on the agency's targeting of conservative groups for extra scrutiny before it was leaked.
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Hess and Elliott Management ended a long-running proxy feud, settling on a mix of new directors and putting a battle over the company's strategy behind them.
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U.S. producer prices recorded their largest drop in three years in April while a reading of manufacturing in New York indicated contraction.
