US stocks extended their rally on Friday, led by technology shares after computer maker Dell Inc shot up 8 percent on a higher quarterly profit and an optimistic forecast. Oil prices resumed their decline, which also helped stocks by easing worry about higher energy costs hurting consumer spending and corporate profits. US light crude slipped 10 cents to $47.32 a barrel. "Dell has been the leader of the day, and all the tech stocks are acting well," said Todd Leone, head of listed trading at S.G. Cowen.
"And oil is basically flat for the day - which is good because it's come off a lot. We continue to see people pour money into the market."
The Dow Jones industrial average was up 69.17 points, or 0.66 percent, to close at 10,539.01. The Standard & Poor's 500 Index was up 10.69 points, or 0.91 percent, to finish at 1,184.17.
The Nasdaq Composite Index was up 24.07 points, or 1.17 percent, to end at 2,085.34.
For the week, the Dow rose 1.46 percent, while the Nasdaq gained 2.28 percent, and the S&P 500 climbed 1.54 percent.
The Dow closed at its highest level in seven months, the Nasdaq in nine months and the S&P hit a fresh three-year high.
The US stock market has been on an upward path since the election.
Trading was active, with 1.5 billion shares changing hands on the New York Stock Exchange, above the 1.4 billion daily average for last year.
About 2 billion shares were traded on Nasdaq, above the 1.69 billion daily average last year.
Advancers outnumbered decliners on the NYSE by 3 to 1, and 3 to 2 on Nasdaq.
Investors were encouraged by economic news on Friday that showed consumer sentiment improved in November and retail sales rose in October.
The Commerce Department said retail sales rose by 0.2 percent in October.
Excluding volatile auto sales, they rose a stronger-than-expected 0.9 percent.
Minutes from the Federal Open Market Committee's September 21 meeting gave a hint that interest-rate increases may be less aggressive than previously thought, a dealer said.
The minutes said "in the view of many members, policy actions would need to be increasingly keyed to incoming data."
"It looks as though the policy of certainty of increasing interest rates has been slightly tracked back and that rises may not be in such regularity - and the market's taken that as a positive," said Christopher Sparke, senior dealer at Binnex.com financial betting exchange in London.
Dell supported the tech-heavy Nasdaq and the Standard & Poor's 500 index as it rose 8.6 percent, or $3.19 to $40.44 a day after it surprised Wall Street with a better outlook for the coming year.
Trading in Microsoft Corp was active as Friday was the last day investors could buy the stock and receive its $3 a share dividend, approved earlier this week. Microsoft shares, which gained sharply on Thursday, ended down 1 cent at $29.97.
Pixar Animation Studios Inc helped the Nasdaq, rising 8 percent, or $6.60, to $86.54 after it posted higher third-quarter profits on Thursday, driven by foreign video sales of last year's hit, "Finding Nemo."
Aluminum producer Alcoa Inc rose 2 percent, or 81 cents at $34.27, as aluminium prices rose on the London Metal Exchange.
But insurance stocks fell. New York Attorney General Eliot Spitzer filed suit against Universal Life Resources, charging the life and disability insurance broker with fraud and antitrust violations for steering business to certain insurers in return for lucrative payoffs.
Shares of insurance brokers and carriers declined, with the S&P insurance index down 0.61 percent."Spitzer came out and knocked the insurers down again. The group is off on that reason," Leone said.
Agilent Technologies Inc fell 12 percent, or $3.10 to $22.58 after Banc of America Securities cut its rating on the electronics testing and equipment maker to "sell" from "buy" following a weaker-than-expected forecast from the company.