European stock markets erased earlier gains and turned firmly lower on Thursday, yanked lower by a euro rally after the European Central Bank said eurozone growth was surprisingly strong and offered only limited pushback against the Trump administration's embrace of dollar weakness.

U.S. equity benchmarks on Friday surged to session highs, finishing the day squarely in record territory and booking a fourth straight weekly advance. A reading of fourth-quarter gross domestic product came in slightly softer than expected but was viewed by investors as healthy enough not to derail the perception that the economy is on firm footing.

Asian stocks started the week higher as a steady U.S. dollar helped to calm investor concerns. Last week, the dollar slid to a series of three-year lows, following comments from Treasury Secretary Steven Mnuchin that were interpreted as being accepting of a weaker dollar.