Traders work the floor at the NYSE . Brendan McDermid | Reuters

Dow Jones Industrial Average rises 50 points

The Dow gained 50.46 points, or 0.17%, to close at 29,348.10. The S&P 500 climbed 0.39% to 3,329.62. The Nasdaq Composite advanced 0.34% to end the day at 9,388.94. The major averages closed out a strong week with slight gains amid strong economic data and earnings results.

More record highs

Wall Street ended the week with fresh record highs after the release of solid China and U.S. economic data while the corporate earnings season is off to a good start. China's industrial production came in well ahead of expectations while December U.S. housing starts surged nearly 17%. Meanwhile, 72% of the S&P 500 companies that have reported thus far have beaten analyst expectations, FactSet data shows. To be sure, the recent run-up in stocks has led some investors to worry the market may be getting ahead of itself.

Boeing and JB Hunt shares slide

Boeing shares dropped 2.36% after news broke that of the aircraft manufacturer's beleaguered 737 Max plane was experiencing a new software issue. J.B. Hunt, meanwhile, slid 4.24% on the back of disappointing quarterly results.

What happens next?