U.S. stocks finished the week higher, with the S&P 500 Index logging its 2nd consecutive week of gains for the 1st time since January and closing Friday with its 9th straight session in positive territory - its longest win streak since Nov 2004. It has erased all of the post-Liberation-Day losses. The string of news coming out this week was unequivocally positive, supporting the market recovery that we have seen since the bottom on Apr-9. The White House continued to unilaterally pull back on its tariff policies, introducing a partial exemption for US Auto makers that use imported auto parts. On the macro side, April Payrolls report (published on Friday) revealed a resilient labor market with non-farm payrolls rising 177k alongside an unchanged unemployment rate of 4.2%. And on Thursday, the ISM Manufacturing Index declined only marginally from a month earlier to 48.7. YoY S&P 500 EPS growth is tracking above what was expected at the start of the earnings season (12% vs. 6%) primarily driven by positive margin surprises. Microsoft and Amazon joined Alphabet from last week to provide an across-the-board picture from the hyper-scalers that the need for more AI compute capacity has not abated. US Treasuries went lower till Thursday but spiked at the end of the week. Outside the US, the STOXX Europe 600 Index ended 3.44% higher while the Nikkei 225 rose 3.2%. Gold was lower for the second week in a row. Dollar was unchanged while bitcoin hit $98,000 for the first time since Feb 21st.