NEW YORK (TheStreet) -- Hold on to your hats. This rally isn't over yet. The Dow Jones Industrial Average kicked off its seventh day in a row in the green, its longest streak since March 2013, as stocks charged to new record highs in the final session of a holiday-shortened week.
"Geo-political risk, the price of oil, and bond yields will play a greater role in equity pricing these next few days," said economist Stephen Guilfoyle in a blog post. "Then again, there's bound to be some window dressing done by under-performing money managers."
Major benchmark indexes climbed to new all-time highs in Friday's session after a six-day rally that pushed the Dow over 18,000. Investor confidence had been high after Federal Reserve Chair Janet Yellen and colleagues promised to be "patient" in raising rates over 2015.
The S&P 500 added 0.42%, the Dow climbed 0.3%, and the Nasdaq jumped 0.49%.
Oil prices headed higher as fighting at Libya's largest terminal at Es Sider potentially restricted oil supply, temporarily addressing a global commodity glut. West Texas Intermediate crude added 0.21% to $55.96. The Energy Select SPDR ETF (XLE) - Get Report pushed 0.5% higher as some of the largest oilers including ExxonMobil (XOM) - Get Report and Chevron (CVX) - Get Report clawed back gains.
Japan's Nikkei held up under pressure after core consumer inflation slowed to 0.7% in November, a factor of plummeting oil prices. The Bank of Japan has a target of 2%. The Nikkei closed 0.06% higher.
Chinese stocks rallied nearly 3% after the country's central bank detailed new steps to increase banks' lending capabilities. Hopes are high that the central bank will also introduce stimulus measures in the coming months to address slowing economic growth.
Qualcomm (QCOM) - Get Report shares were up 0.6% after Chinese regulators said a months-long investigation into the company would be completed soon. Officials accused the chipmaker of abusing its monopoly by overcharging.
Trading of Sony (SNE) - Get Report was quiet after the studio released controversial film 'The Interview' to 300 independent theaters over Christmas without incident. However, hackers did target Sony's PlayStation networks and Microsoft's (MSFT) - Get Report Xbox over the holiday, disrupting normal operations for much of the day.
--Written by Keris Alison Lahiff in New York.