A decline in financial shares limited the day's gains, even though JPMorgan Chase & Co and other big banks delivered quarterly results that beat Wall Street expectations.
Data showed consumer prices were unchanged in June and retail sales fell for a second straight month, pointing to tame inflation and subdued expectations of strong economic growth in the second quarter.
Chances of a rate hike in December fell to 48 percent after the release of data, from 55 percent late Thursday.
Earlier this week, the market rose after Federal Reserve Chair Janet Yellen said future rate hikes could be gradual in the face of persistently low inflation.
The S&P financials , which benefit from a rising rate environment, fell 0.5 percent, and the group was the only one of the S&P 500 sectors down on the day.
The Dow Jones Industrial Average was up 84.65 points, or 0.39 percent, to 21,637.74, the S&P 500 gained 11.44 points, or 0.47 percent, to 2,459.27, and the Nasdaq Composite added 38.03 points, or 0.61 percent, to 6,312.47.
The CBOE Volatility index closed at its lowest since December 1993.
For the week, the Dow was up 1.1 percent, the S&P 500 was up 1.4 percent, and the Nasdaq rose 2.6 percent.
The Nasdaq's percentage gain for the week was its biggest so far this year.
The small-cap Russell 2000 index , which has underperformed the S&P 500 this year, also ended at a record high.
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