U.S. stocks rose Friday, lifting the S&P 500 index to an intraday record and putting it on track for strong weekly gains.
The Dow Jones Industrial Average rose 77 points, or 0.5%, to 16408. The S&P 500 tacked on 10 points, or 0.5%, to 1883, having rallied to an intraday high of 1884 shortly after the market open.
The Nasdaq Composite Index advanced 22 points, or 0.5%, to 4342.
The rally rounds out a positive, if volatile, week that saw major indexes boosted by a string of upbeat economic data that has eased fears of a growth slowdown. Stocks have largely recovered their losses sustained Wednesday, when investors were spooked after Federal Reserve Chairwoman Janet Yellen said the central bank may raise interest rates sooner than expected.
"It has been a good week for the market," said Paul Zemsky, chief investment officer for multi-asset strategies at ING Investment Management. "Overall the economic data in the U.S. was pretty good and went a long way to convincing traders that the slowdown we saw [earlier in the year] was weather related."
The S&P 500 gained 0.6% on Thursday and 2.3% so far this week.
No major economic data are scheduled for release Friday. The yield on the 10-year Treasury note was lower at 2.771% from 2.775% late Thursday.
Separately, Friday marks what traders refer to as "quadruple witching," the simultaneous expiration of futures and options on indexes and individual stocks. The phenomenon typically leads to a ramp-up in volume during the final hour of trading, as investors and dealers move to close out or roll over positions ahead of expiration.
Gold futures gained 0.6% to $1338 an ounce, snapping a four-day losing streak, while crude-oil futures added 0.4% to $99.30 a barrel. The dollar lost some ground against the euro and the yen.
In Europe, the Stoxx Europe 600 rose 0.3%, and was up 2% on the week after slumping 4.7% over the previous two weeks. Germany's DAX 30 index advanced 0.6%, France's CAC 40 rose 0.4% and the U.K.'s FTSE 100 added 0.4%.
Tensions over Ukraine continued to punish Russian markets. The country's Micex index fell 1.5% in response to a second round of U.S. sanctions. The index was still up 4.8% on the week, but down 10% so far this month.
President Barack Obama said Thursday that the U.S. would impose a new round of sanctions on 20 Russians and on Bank Rossiya, which was described by the U.S. Treasury Department as a personal bank for senior Russian officials. The move freezes assets held in U.S. institutions and bars Americans from doing business with those on the list.
Fitch Ratings cut its outlook on Russia's sovereign debt, which is currently rated two notches above junk status at triple-B, to negative from stable. That followed a similar move by Standard & Poor's on Thursday.
Asian markets rose, with China's Shanghai Composite running up 2.7% on expectations that fundraising regulations for property developers will be loosened further. Japan's market was closed for a holiday.
In corporate news, Dow component Nike Inc. fell 4.1% after the sporting-gear company said it expected next fiscal-year's earnings to rise less than current projections, which overshadowed better-than-expected fiscal third-quarter earnings and revenue.
Symantec slid 12% after the software company announced the termination of Steve Bennett as its chief executive officer after fewer than two years on the job. The company named board member Michael Brown as the interim CEO. Symantec affirmed its fiscal fourth-quarter earnings and revenue outlook.
Tiffany & Co. rose 0.4% as investors shrugged off the high-end jewelry retailer's disappointing fourth-quarter earnings report. The company also announced a new $300 million stock buyback program.
Ann Inc. climbed 13% after private-equity firm Golden Gate Capital disclosed a 9.5% stake in the retailer, which operates Ann Taylor and Loft branded stores.
