STORY: U.S. stocks closed higher Friday to end a stellar week as Donald Trump's election victory and a possible Republican Party sweep in Congress fueled expectations for favorable business policies.

Equities also got a boost from the Federal Reserve which cut interest rates a quarter of a percentage point Thursday.

The Dow advanced six tenths of one percent, the S&P climbed nearly four tenths, and the Nasdaq rose marginally.

All three notched record closing highs and the S&P 500 crossed 6,000 for the first time ever during the session.

The S&P and the Dow also experienced their biggest weekly percentage gains in a year.

Kevin Nicholson, global fixed income chief investment officer with Riverfront Investment Group says he thinks stocks can continue to gain ground.

"The market can continue to rally higher for the next 6 to 12 months. We think that we are not at the end of the cycle that we are actually in the middle of the cycle. And as long as the Fed is continuing to cut rates and ease, you know, monetary policy that actually is good for risky assets along with the potential of, you know, higher growth."

Small caps also shined with the Russell 2000 advancing Friday and registering its biggest weekly percentage gain in 4-1/2 years, as domestically concentrated stocks are seen as likely to benefit from easier regulations, lower taxes and less exposure to import tariffs.

Stocks on the move included Expedia which added four percent after it beat quarterly profit estimates helped by strong international travel demand.

And shares of Airbnb plunged nearly nine percent after the homestay company missed third-quarter profit estimates.