Dow, S&P 500, Nasdaq close out strong week at record highs

Stocks closed out the week in a strong fashion Friday as the Dow, S&P 500 and Nasdaq all jumped to new all-time highs in the market's push further into record territory.

The Dow Jones industrial average rose 96.97, or 0.5%, to close at a record 20,269.37. The Standard & Poor's 500 index gained 8.23 points, or 0.4%, to 2316.10 and the Nasdaq composite index added 18.95, or 0.3%, 5734.13.  Both the S&P and Nasdaq were up for a fourth straight day.

Miners and other raw materials companies led the market rally and rising crude oil prices also gave energy companies a big boost. Investors kept their focus on strong company earnings and corporate deal news.

"We’re about 70%, almost three quarters of the way through earnings season and about 75% of the companies have beat the targets,” said Randy Frederick, vice president of trading & derivatives at Charles Schwab. “That’s the best number we’ve seen, in terms of beats, for the last three years.”

Investors have focused on companies quarterly results lately as they size up corporate America’s growth prospects. Earnings are on track to mark the second-consecutive quarter of growth after a losing streak of five straight quarters. Beyond earnings, investors are also eyeing Washington for signs the Trump administration will deliver on the promised business-friendly policy proposals that helped drive a market rally last fall, including slashing government regulations and taxes.

Benchmark U.S. crude was up 91 cents, or 1.7%, at $53.91 a barrel in New York. The contract rose 66 cents on Thursday. Brent crude, the benchmark for international oil prices, was up $1.05, or 1.9%, at $56.68 a barrel in London.

Sears (SHLD) shares surged more than 25% as the struggling retailer announced a restructuring plan to shed debt, consolidate operations and overhaul its product selection process in its ongoing bid to survive.

Sears stock soars as ailing retailer maps out survival strategy

Global stocks were mostly higher. Germany’s DAX added 0.2% and France’s CAC 40 was up 0.1%. Britain’s FTSE 100 climbed 0.4%.

Japan’s benchmark Nikkei 225 index surged 2.5% as the yen weakened against the dollar, lifting shares of exporters. South Korea’s Kospi added 0.5% and Hong Kong’s Hang Seng rose 0.2%. The Shanghai Composite in mainland China gained 0.4%.