NEW YORK, June 12 (Xinhua) -- U.S. stocks closed higher on Friday, bolstered by positive developments surrounding U.S.-Iran negotiations and a jump of SpaceX shares in the highly anticipated debut.

People watch the IPO ceremony of SpaceX outside the Nasdaq building in Times Square in New York City, the United States, June 12, 2026. (Photo: Xinhua)

The Dow Jones Industrial Average rose 353.51 points, or 0.7 percent, to 51,202.26. The S&P 500 added 37.16 points, or 0.5 percent, to 7,431.46. The Nasdaq Composite Index increased by 79.18 points, or 0.31 percent, to 25,888.84.

Ten of the 11 primary S&P 500 sectors ended in positive territory, led by materials and financials with gains of 1.83 percent and 1.35 percent, respectively. Health care was the sole laggard, slipping 0.16 percent.

Elon Musk's SpaceX made its highly anticipated public debut on the Nasdaq. The stock opened at 150 U.S. dollars per share, above its initial public offering price of 135 dollars, and surged more than 20 percent shortly after trading began before closing up 19.22 percent at 160.95 dollars. This marked one of the largest initial public offerings in Wall Street history.

Shares of other space-related companies, which had rallied in the lead-up to the debut, eased on Friday, including Rocket Lab, Intuitive Machines, and Planet Labs.

In the technology sector, performance was mixed. Nvidia finished marginally higher, while Advanced Micro Devices rose 4.73 percent and Alphabet gained 0.53 percent. Broadcom, Palantir Technologies, Amazon and Meta Platforms closed in the red.

Markets welcomed signs that the United States and Iran are edging closer to an agreement to reopen the Strait of Hormuz. Oil prices extended losses, with West Texas Intermediate crude for July delivery falling 2.83 dollars, or 3.23 percent, to settle at 84.88 dollars per barrel on the New York Mercantile Exchange. Brent crude for August delivery dropped 3.05 dollars, or 3.37 percent, to settle at 87.33 dollars per barrel on the London ICE Futures Exchange.

Meanwhile, the University of Michigan reported that U.S. consumer sentiment rebounded from a record low of 44.8 in May to 48.9 at the start of June. One-year inflation expectations eased to 4.6 percent, below analyst estimates.

Investors will continue to monitor diplomatic progress in the Middle East over the weekend, and upcoming economic indicators for further direction on inflation and monetary policy.