U.S. equities extended their summer rally on Friday, with the S&P 500 closing 0.4% higher at 6,388.64 for a fifth straight record and its 14th all-time high of 2025. The Nasdaq Composite added 0.24% to 21,108.32, while the Dow Jones Industrial Average rose 0.47% to 44,901.92. For the week, the three benchmarks gained between 1% and 1.5%. Stronger-than-expected corporate results continued to underpin the advance. FactSet data show 80% of reporting S&P 500 constituents have topped consensus estimates for both earnings and revenue, pushing blended second-quarter earnings growth to 6.4%, even though that is the slowest pace since early 2024. With roughly one-third of companies finished, operating profits are running about 7% above last year’s levels, marking a 10th consecutive quarter of year-over-year improvement. Optimism over trade also helped sentiment. Investors are watching a weekend meeting in Scotland between President Donald Trump and European Commission President Ursula von der Leyen, where officials say they could finalize a framework accord aimed at easing tensions and averting additional tariffs. Hopes for a deal have supplemented momentum from recently concluded agreements with Japan and the Philippines. Next week brings fresh tests for the market, including the Federal Reserve’s policy decision, the monthly U.S. employment report and earnings from heavyweights Apple, Meta Platforms and Microsoft. Traders currently assign roughly 60% odds to a Fed rate cut in September, according to CME’s FedWatch tool.