(CNBC) U.S. equities closed higher on Friday, posting weekly gains, as investors kept an eye on retailers during Black Friday as a post-election rally moved forward.
“I think this more of a follow-through” from the bullish sentiment in the market after the election,” said David Schiegoleit, managing director of investments at U.S Bank Private Client Reserve. “The rally might be getting a bit long, but the market will be looking for policy direction” from the government in the near term.
The Dow Jones industrial average rose about 70 points, hitting a new record high, as 3M and IBM contributed the most gains. The S&P 500 also shot to a new record, closing 0.4 percent higher as utilities gained 1.4 percent to lead advancers. The Nasdaq composite rose 0.34 percent, closing above a previous record of 5,392.26. The three major indexes were also up more than 1 percent for the week and extended their weekly winning streak to three.