U.S. equities finished the week at a record high as investors counted down to the holiday break. The dollar and 10-year Treasuries gained.

The S&P 500 index had its biggest weekly gain since September and was on pace to gain 28% this year. The benchmark hit a new peak Friday, led by technology and health-care shares, while the Stoxx Europe 600 also reached all-time high. The Treasury yield curve remained near its steepest in more than a year, underscoring how recession worries have receded.

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