The S&P 500 also broke the 2,090 resistance level and tried to hold above 2,100.
Industrials led all 10 sectors higher, boosted by a nearly 9 percent jump in General Electric's stock to an intraday high of more than $28 a share, the highest level since Dec. 13, 2013. GE traded over 100 million shares for the first time since July 2013.
General Electric announced on Friday a major restructuring of GE Capital, including the sale of most of the unit's assets, and will institute a $50 billion stock buyback program with proceeds from the move.
"This is something they've been discussing since the financial crisis," said Randy Frederick, managing director of active trading and derivatives at Charles Schwab. "I think it just took them this long to find a buyer."
Read MoreWho buys stock? This answer may surprise you
The major indices advanced, with the Dow transports up 0.7 percent and the iShares Nasdaq Biotechnology ETF (IBB) rising more than 1 percent.
Crude oil held steady, about 1 percent higher above $51 a barrel, amid news that the the weekly oil rig count had its largest drop in a month.
"Investors are going to take a wait and see attitude (today) as earnings season starts," said Peter Cardillo, chief market economist at Rockwell Global Capital.
The corporate earnings outlook for 2015 is bleak, as first-quarter earnings for the S&P 500 index are expected to come in 4.7 percent lower, while second-quarter earnings are expected to be 2.1 percent lower, according to FactSet.
While some companies have already reported their quarterly earnings, the official start to earnings season is usually marked by reports of Dow components JPMorgan Chase and Intel next Tuesday.
"Investors will be looking at company earnings and see what they have to say about the dollar," said Maris Ogg, president at Tower Bridge Advisors.
"Everyone's expecting the dollar to hit parity with the euro," Ogg said. She added that, while the stronger dollar will present short-term problems for some companies, "in the long run, a stronger dollar is good for the U.S."
The dollar index, which measures the greenback's performance against a basket of currencies, was on pace for its first weekly gain in a month. The dollar extended Thursday's advance, with the euro about 0.50 percent lower below $1.06.
"I can't help but think this movement in the dollar may have something to do with a more perceived hawkishness coming from the Fed," Frederick said.
Richmond Fed President Jeffrey Lacker has long called for a prompt tightening of monetary policy and repeated on Friday his views that consumer spending, the labor market and other economic conditions have improved significantly over the last year.
"Unless incoming economic reports diverge substantially from projections, the case for raising rates will remain strong at the June meeting," Lacker said in prepared remarks for a Global Interdepedence Center event.
On the economic data front, U.S. home prices for the month of March fell 0.3 percent, in line with analysts' expectations.
Apple is also in focus as it began taking pre-orders of its smartwatch on Friday. "From my observation, the stock goes up as the launch for a new product approaches," Frederick said.
Nevertheless, it will be "hard to beat Apple's last generation of phones," Ogg said. "The watch today is not a big factor, but let's face it, this is just the opening salvo."
In other corporate news:
Netflix—Citi upgraded Netflix to "buy" from "neutral," saying it doesn't share competition concerns that are currently reflected in the stock's price.
General Motors—Citi added the automaker's stock to its Citi Focus List, saying a recent pullback makes for an even more attractive entry point and that it retains the optimism reflected in a January analyst report.
Gap—The apparel retailer reported a two-percent rise in comparable store sales for March, above the 0.6-percent consensus estimate. The results were entirely driven by a 14-percent gain by Gap's Old Navy chain, while the Gap and Banana Republic brands saw declines.
Nevertheless, it will be "hard to beat Apple's last generation of phones," Ogg said. "The watch today is not a big factor, but let's face it, this is just the opening salvo."
In other corporate news:
Netflix—Citi upgraded Netflix to "buy" from "neutral," saying it doesn't share competition concerns that are currently reflected in the stock's price.
General Motors—Citi added the automaker's stock to its Citi Focus List, saying a recent pullback makes for an even more attractive entry point and that it retains the optimism reflected in a January analyst report.
Gap—The apparel retailer reported a two-percent rise in comparable store sales for March, above the 0.6-percent consensus estimate. The results were entirely driven by a 14-percent gain by Gap's Old Navy chain, while the Gap and Banana Republic brands saw declines.
The Dow Jones Industrial Average traded 76 points higher, or 0.44 percent, at 18,036, with General Electric the greatest advancer and Merck the greatest laggard.
The S&P 500 rose 9 points, or 0.44 percent, to 2,100, with industrials leading all ten sectors higher.
The Nasdaq traded 17 points higher, or 0.34 percent at 4,991, with Apple's stock trading flat.
The CBOE Volatility Index (VIX), widely considered the best gauge of fear in the market, traded below 13.
Three stocks advanced for every two decliners on the New York Stock Exchange with an exchange volume of 307 million and a composite volume of 1.6 billion in early afternoon trade.
High-frequency trading accounted for 47.5 percent of April to date's daily trading volume of about 6.2 billion shares, according to TABB Group. During the peak levels of high-frequency trading in 2009, about 61 percent of 9.8 billion of average daily shares traded were executed by high-frequency traders.
The U.S. 10-year Treasury note yield traded near 1.94 percent.
U.S. crude futures added 84 cents, or 1.67 percent, to $51.64 a barrel on the New York Mercantile Exchange. Gold futures gained $12.60, or 1.06 percent, to $1,206.20 an ounce in early afternoon trade.
Read MoreAmerican stocks are the world's worst this year
European shares closed higher Friday, with the tech sector leading gains and global markets rallying on extra liquidity in the euro zone.
The S&P 500 rose 9 points, or 0.44 percent, to 2,100, with industrials leading all ten sectors higher.
The Nasdaq traded 17 points higher, or 0.34 percent at 4,991, with Apple's stock trading flat.
The CBOE Volatility Index (VIX), widely considered the best gauge of fear in the market, traded below 13.
Three stocks advanced for every two decliners on the New York Stock Exchange with an exchange volume of 307 million and a composite volume of 1.6 billion in early afternoon trade.
High-frequency trading accounted for 47.5 percent of April to date's daily trading volume of about 6.2 billion shares, according to TABB Group. During the peak levels of high-frequency trading in 2009, about 61 percent of 9.8 billion of average daily shares traded were executed by high-frequency traders.
The U.S. 10-year Treasury note yield traded near 1.94 percent.
U.S. crude futures added 84 cents, or 1.67 percent, to $51.64 a barrel on the New York Mercantile Exchange. Gold futures gained $12.60, or 1.06 percent, to $1,206.20 an ounce in early afternoon trade.
Read MoreAmerican stocks are the world's worst this year
European shares closed higher Friday, with the tech sector leading gains and global markets rallying on extra liquidity in the euro zone.
—CNBC's Peter Schacknow and Reuters contributed to this report.
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Dow tops 18K amid dollar gains; industrials lead
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