Nine of the 11 major S&P sectors were trading higher, with technology providing the biggest boost to the S&P 500. However, Amazon.com, Microsoft Corp and Apple Inc helped the tech-heavy Nasdaq reverse earlier losses to hit another record high.
However, the labor market remains fragile as the United States reported more than 60,000 new COVID-19 infections on Wednesday, setting a single day global record. About 41 of the 50 USA states have reported an increase in cases over the last two weeks that has forced Americans to take new precautions, with several states backpedaling on reopening plans.
The investors ' focus began to shift to the corporate reporting season for the second quarter, which will gain momentum next week.More news: 1 injured in fire aboard ship at naval base in San Diego
"But the wildcard seems to be the pickup in corona cases, not just in one location but essentially across the country".
A batch of upbeat economic data including the record pace of job additions in June has underscored that the stimulus-fueled domestic economy was on the path to recovery. The S&P 500 increased 32.99 points, or 1.05 per cent, to 3,185.04.
Gilead Sciences (NASDAQ:GILD) released data on Friday showing its antiviral drug, remdesivir, cut the risk of death for severely sick coronavirus patients by 62% compared with standard care alone, sending its shares 2.2% higher. The news sent Gilead shares up more than 2%.More news: Heartbreaking Picture Of Naya Rivera's Mother Visiting Lake Where She Went Missing
The Dow Jones Industrial Average was down 35 points, or 0.1 percent, and the S&P 500 was down 5 points, or 0.2 percent in the first minutes of trading. The Nasdaq Composite Index was up 69.69 points, or 0.66 per cent, to 10,617.44, Xinhua news agency reported.
Carnival (NYSE:CCL) jumped 10.8% on Friday after the cruise operator said it was cutting capacity and indicated that demand for 2021 is growing.More news: Tucker Carlson writer Blake Neff resigns over racist messages
The S&P index recorded 13 new 52-week highs and no new low, while the Nasdaq recorded 58 new highs and 16 new lows.