U.S. stocks climbed on Friday, with the Dow industrials and S&P 500 knocking out a sixth week of record-clearing gains, as investors embraced the notion of continued stimulus from the Federal Reserve.

"The stock market has a lot of momentum here; one reason is we're getting closer and closer to year end, and people don't want to take any gains because they have to pay taxes early next year," said Bruce Bittles, chief investment strategist at RW Baird & Co. "The economy is doing better in some areas, yet the Fed is not showing any inclination towards cutting quantitative easing," he added.

The Dow Jones Industrial Average ended at a record, as did the , both for a third consecutive day.

The Dow climbed to an intraday record of 15,962.98, and finished the session at a all-time close of 15,961.70, up 85.48 points, or 0.5 percent for the session and 1.3 percent from last Friday. Exxon Mobil led blue-chip gains after Berkshire Hathaway reported holding a roughly $3.7 billion stake in the oil company.

Energy and materials led broad gains that included all 10 of its major industry groups on the , which rose 7.56 points, or 0.4 percent, to 1,798.18, after rising to an intraday record 1,798.23. It finished with a 1.6 percent weekly gain.



"Financials are looking a little stronger, that's a sector that has heated up during the last few weeks, as people start to rotate and take some profits in some sectors," said JJ Kinahan, chief strategist at TD Ameritrade. "If you're a believer that these things can continue, you have to believe the financials can come to life," he said.



Agilent Technologies was among shares rallying, a day after the maker of scientific instruments reported adjusted earnings that beat estimates.

The Nasdaq also advanced for its first weekly gain in three, climbing 13.23 points, or 0.3 percent, to 3,985.97, up 1.7 percent from a week ago.

