US markets rounded out the week with a modest gain on Friday night, spurred by a rebound in small-cap shares.

Trading was choppy throughout most of the session after initial data revealed new home construction surged in April at the fastest pace in five months,

However the positive housing data was followed by a preliminary reading of consumer sentiment that unexpectedly fell in May.

The late flurry on the Street was fuelled by a recovery in small-cap shares. Investors took advantage of their recent sell-off to buy at more reasonable prices.

Most commodities were fairly subdued, with iron ore diving another two percent amid persistent worries about excess global supply.

Conversely, oil strengthened as the better-than-expected rise in US housing starts last month boosted hopes for stronger US energy demand.

In currency markets, the greenback was more-or-less flat against other currencies as traders attempt to form an opinion on when exactly the Fed will move on interest rates.

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