U.S. stocks reached record highs on Friday as investors bet on another strong earnings season. The Nasdaq composite advanced 0.2 percent to 6,605.80 and notched intraday and closing records. The finished 0.1 percent at 2,553.17 and hit an all-time intraday high, with information technology and materials leading advancers. The Dow Jones industrial average closed 30.71 points higher at 22,871.72. The 30-stock index also hit an intraday record. Bank of America jumped 1.5 percent on better-than-expected earnings. Netflix added 1.9 percent, crossing above $200 for the first time to an all-time high as investors bought the stock ahead of its earnings next week. The three major indexes posted slight weekly gains. The S&P 500 and the Dow recorded their fifth consecutive weekly gains, while the Nasdaq has completed three.

Major U.S. Indexes

"People are generally expecting a strong earnings season," said Tom Martin, senior portfolio manager at Globalt. He also said investors were worried about the market slipping as earnings season moved forward. Earnings season has gotten off to a good start, with 87 percent of the companies that have reported topping bottom-line expectations, according to Nick Raich, CEO of The Earnings Scout.

A trader works on the floor of the New York Stock Exchange (NYSE). Lucas Jackson | Reuters