NEW YORK (TheStreet) -- The S&P 500 and Dow Jones Industrial Average snagged record closing highs on Friday in a quiet low-volume day of trading. The Dow enjoyed its seventh straight day in the green, its longest streak since March 2013, and the Russell 2000 rocketed to an all-time high as stocks charged to new records in the final session of a holiday-shortened week.
The S&P 500 added 0.33%, the Dow climbed 0.14%, and the Nasdaq jumped 0.7%. The Russell 2000 gained 0.78% as small caps rallied. By market close, little over 200 million shares had been traded on the New York Stock Exchange, half the average volume seen over the week's previous trading sessions.
Investor confidence has been high since Federal Reserve Chair Janet Yellen and colleagues promised to be "patient" in raising rates over 2015. Over the past seven sessions, the S&P 500 and Dow have surged 5.8%.
Oil prices slumped on Friday to close out its fifth week of losses. The commodity was higher earlier in the day after fighting at Libya's largest terminal at Es Sider potentially restricted oil supply, temporarily addressing a global commodity glut. Crude has been in freefall since a midyear peak as OPEC refused to cut production in the face of tepid international demand. West Texas Intermediate crude tumbled 1.9% to $54.78 on Friday.
Energy shares were mixed with Exxon Mobil (XOM) , Chevron (CVX) and ConocoPhillips (COP) falling, while CNOOC (CEO) , Kinder Morgan (KMI) , and Total SA (TOT) gained. The Energy Select Sector SPDR ETF (XLE) traded flat.