Here's what happened to the stock market on Friday

Traders work the floor of the New York Stock Exchange.
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Dow Jones Industrial Average rises 78 points

The Dow jumped 78.13 points, or 0.29%, to end the day at 28,455.09. The S&P 500 climbed 0.49% to 3,221.23. The Nasdaq Composite advanced 0.42% to 8,924.96. Stocks ended another week of solid gains by notching fresh record highs as geopolitical risks abate to end 2019.

Four-week winning streak

The S&P 500 has now closed higher for four weeks in a row, lifted by optimism around U.S.-China trade relations and solid economic data. On Friday, President Donald Trump said he and Chinese President Xi Jinping had a "very good talk" about the phase one trade deal announced last week. This lifted stocks on Friday along with strong consumer spending and sentiment numbers. Stocks are now heading into the final trading days of 2019 with their biggest annual gains since 2013. Barring a major breakdown on trade, stocks should continue to drift further into record territory.

Carnival surges, CarMax falls

Carnival's stock got an earnings boost, surging 7.63%. Meanwhile, CarMax shares dropped 6.15% after its quarterly profit disappointed investors.

What happens next?

New home sales data are scheduled for release Monday. Investors will also enter a historically strong period for stocks, with the potential of a "Santa Clause rally" kicking off. Read more here.

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