Stocks closed at record highs after the May jobs report showed slow but steady improvement in the labor market.
In addition to a slight gain in average hourly earnings, positive aspects of the jobs report included large gains in business services and health care, meaning "we're starting to create good quality jobs," says TD Ameritrade's JJ Kinahan.
Positive sentiment also lingered from yesterday's ECB policy moves, showing strong support for the global economic recovery.
Small companies' shares continue to recover from an April slide, as the Russell 2000 jumped 1% and rose 2.7% for the week in its best showing in four months; on the S&P, industrial and energy shares - seen as more sensitive to economic growth - led gains across seven of the index's 10 sectors.
Participation remained well below average, with 629M shares changing hands at the NYSE floor.
Treasurys showed some intraday volatility, but finished little changed; the 10-year note slipped 3 ticks with its yield rising 1 basis point to 2.59% after falling as low as 2.53%.