GLOBAL MARKETS-Global stocks finish at record highs,

The Dow Jones Industrial Average rose 0.71% to end at 34, 438.58 points, while the S&P 500 gained 0.34%. The Nasdaq Composite dropped 0.06% after holding near the previous session's record high. MSCI's gauge of stocks across the globe closed at a record high of 721.91. The pan-European STOXX 600 rose 0.13%, ending the week with gains of 1% following sharp swings on concerns of higher inflation hitting real income and leading central banks to raise interest rates.

WASHINGTON/LONDON: Wall Street notched broad gains on Friday, with the S&P 500 index closing at a record and global shares also finished at an all-time high, while oil prices rose for a fifth straight week.

Weaker-than-expected inflation data and news that U.S. President Joe Biden has secured a bipartisan infrastructure agreement with lawmakers gave a boost to stocks. The plan is valued at $1.2 trillion over eight years, of which $579 billion is new spending.