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US stock market closed higher on Friday as S&P 500 hit record and posted a third straight weekly gain.

The index hit an all-time high of 4,247 points before closing at 4,246 with a daily gain of 0.2%. It rose 0.4% this week.

The Dow Jones increased 13 points to end the day at 34,479, but the blue-chip index lost 0.8% for the week.

The Nasdaq added 49 points, or 0.3%, to 14,069. The tech-heavy index rose 1.9% this week.

AMC Entertainment gained the most during the day to close Friday with a 15% increase. Zoom Video and GameStop added more than 5% apiece.

Despite oil prices resuming their rally, oil majors Chevron and ConocoPhillips were down around 0.4%, while ExxonMobil shed 0.9%

Brent crude was at $72.58 per barrel with a 0.1% gain. The US' West Texas Intermediate closed the day at $70.79 with a 0.7% increase before hitting its 52-week high at $71.23 during trading hours.

The US dollar index gained further by adding 0.5% to 90.51, however the yield on the 10-year US Treasury note was down 0.6% to 1,450%.

VIX volatility index also declined 2.8% to 15.65, indicating higher risk appetite of investors. Bitcoin was up 1.7% to $37,290.