This week's advance was driven by a string of upbeat economic reports, signs of strength in the banking sector and rising hopes for a lasting solution to the debt crisis in Europe.
"We're seeing widespread sense of optimism about global economy," said Karl Schamotta, senior market strategist at Western Union Business Solutions.
At the same time, investors say stocks are being underpinned by the Federal Reserve, which has announced plans to keep interest rates low and maintain its current stimulus programs.
"We're seeing a lot of cash come off the sidelines," said Schamotta. "That's supportive of the equity market and the risk trade in general."
On Friday, the Dow Jones industrial average (INDU) fell 20 points, or 0.1%, to close at 13,233. The S&P 500 (SPX) edged up 1 point, or less than 0.1%, to 1,405. The Nasdaq (COMP) eased 1 point, or less than 0.1%, to 3,055.
"Some of the economic news today was a bit disappointing, but none of it points to a change in direction," said said Peter Cardillo, market strategist at Rockwell Global Capital.
Friday marks "quadruple witching," when four types of contracts expire -- those tied to market index futures, market index options, stock options and stock futures. While many traders try to settle out those contracts ahead of expiration, there is often some volatility on the actual day.
"The dollar lost ground against the British pound, but rose versus the Japanese yen and the euro.
Oil for April delivery rose $1.95 to settle at $107.06 a barrel.
Gold futures for April delivery eased $3.71 to end at $1,655.80 an ounce."
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