U.S. stocks climbed on Friday as major averages headed for a winning week amid growing optimism over the U.S. economic recovery.
The Dow Jones Industrials jumped 89.21 points at the outset to 34,553.85.
The S&P 500 added 9.84 points to 4,200.88.
The NASDAQ surged 51.95 points to 13,736.28.
The S&P 500 is up more than 1% week to date and sits less than 1% from a record. The blue-chip Dow is also more than 1% higher over the same time period, while the NASDAQ has gained 2.3%.
For the month of May, the S&P 500 is slightly higher, while the Dow is up 2%. The NASDAQ is off by about 1.3%.
Salesforce shares popped nearly 7% after the software company's first-quarter earnings beat Wall Street expectations on its top and bottom lines. HP shares dropped 5% despite the company's better-than-expected second-quarter results.
Ford was higher once again, up 1% Friday. The stock has rallied 12% this week so far after unveiling a new electric vehicle strategy.
Meme stocks fueled by traders in Reddit's WallStreetBets forum surged again on Friday with AMC shooting up over 30%.
The moves higher this week come as investors monitor the back-and-forth in Washington over a comprehensive infrastructure package that could further boost the economic recovery. Senate Republicans unveiled a $928-billion infrastructure counteroffer to President Joe Biden on Thursday. However, that's well below Biden's most recent proposal of $1.7 trillion.
A key inflation indicator — the core personal consumption expenditures index — rose 3.1% in April, faster than expectations of a 2.9% increase but not as hot as many on Wall Street had feared. Meanwhile, the savings rate remained elevated at 14.9% last month, while consumer spending rose 0.5%, in line with estimates.
Prices for 10-Year Treasurys gained, lowering yields to 1.59% from Wednesday's 1.60%. Treasury prices and yields move in opposite directions.
Oil prices fell two cents to $66.83 U.S. a barrel.
Gold prices sank $2.10 to $1,900.60 U.S. an ounce.