Stocks closed with solid gains on Wall Street Friday, ending a holiday-shortened week with their third straight weekly gain.

The S&P 500 rose 1.1% to another record high, led by banks and technology stocks.

Big companies will start reporting their quarterly earnings next week, starting with the major banks like JPMorgan Chase, Citigroup, Bank of America and Wells Fargo.

Analysts expect another strong quarter for Wall Street, due to the improving economy and fewer Americans defaulting on loans compared with earlier in the pandemic.

Oil prices continued to march higher. The yield on the 10-year Treasury note rose to 1.36%.