Now that the S&P 500 has reached new ground above 2,120, the next test is whether it can continue to run or whether it falls back into the range it has held for the past several months.
Traders on Friday will focus on May consumer sentiment and April's industrial production, after a week of disappointing data pared economic growth forecasts for both the first and second quarter.
But even as economic news was fairly negative, stocks staged a massive rally Thursday, taking the S&P 500 to a closing high. The index rose 1 percent to 2,121, a record finish and just 4 points from the all-time intraday high. Helping stocks were the sagging dollar and a pullback in interest rates as well as short covering.
Stock futures were slightly higher Friday as bonds stabilized. European stock markets were higher, as sovereign bond yields retreated slightly.