That positive backdrop has helped stocks to grind higher on a slow week ahead of Monday's Labor Day holiday in the US, for which stock trading will be closed. "We're just not getting any kind of significant correction, and there's nothing out there in the near term that's going to be the catalyst for that move," said Gordon Charlop, managing director at New York brokerage Rosenblatt Securities. "It's a slow recovery but it's a healthy one" for big US companies.
On the economic front Friday, household spending fell 0. 1 per cent in July, the Commerce Department reported, bucking economists' median forecast for a 0. 1 per cent increase.
European stocks rose Friday, with the Stoxx Europe 600 adding 0. 3 per cent, reversing earlier gains.
The Dow Jones Industrial Average rose 18 points, or 0. 1 per cent, to 17077, after wavering between modest gains and losses.
In commodity markets, crude-oil futures rose 0. 3 per cent to $US94. 83 a barrel. Gold futures fell 0. 3 per cent to $US1,286. 70 an ounce.
In corporate news, Avago Technologies rallied 8. 8 per cent and hit a record high after the chip company reported better-than-expected quarterly results.
The Nasdaq Composite Index rose 23 points, or 0. 5 per cent, to 4580.
The S&P 500 added seven points, or 0. 3 per cent, to close at 2003, another record for the index.
Read more here: Business Spectator