The Dow Jones Industrial Average rose to a new record on Friday, as the broader market ended the week on a high note. The 30-stock average gained over 400 points to settle at an all-time high of 44,296.51, while the S&P 500 Index added nearly 0.4% and the Nasdaq Composite rose about 0.2%.

Here's how the market settled to close out the week:

S&P 500 Index (SPY  ): +0.35% or +20.63 points to 5,969.34

Dow Jones Industrial Average (DIA  ): +0.97% or +426.16 points to 44,296.51

Nasdaq Composite Index (QQQ  ): +0.16% or +31.23 points to 19,003.65

In the News:

U.S. Securities and Exchange Commission (SEC) Commissioner Jaime Lizarraga announced Friday is resignation, effective Jan. 17, due to a family illness. The announcement comes a day after SEC Chair Gary Gensler announced he would resign, effective Jan. 20. Both openings allow President-elect Donald Trump to reshape the regulatory agency early in his term.

"The staff and the Commission are deeply mission-driven, focused on protecting investors, facilitating capital formation, and ensuring that the markets work for investors and issuers alike," Gensler said in a press release on Thursday. "The staff comprises true public servants. It has been an honor of a lifetime to serve with them on behalf of everyday Americans and ensure that our capital markets remain the best in the world."

In Economic News:

U.S. Manufacturing and Services Activity accelerated in November, according to purchasing managers surveys released by S&P Global on Friday, each coming mostly in-line with economist expectations.

Services flash purchasing managers index (PMI) reading rose to points month-over-month to 57.0 in November, marking the highest reading in 32 months. For manufacturing, the flash reading ticked higher to 48.8 in November, its highest level in four months. Readings above the neutral level of 50 indicate expansion in a sector.

Consumer Sentiment edged lower in November, the University of Michigan reported Friday, as the results of the U.S. presidential election left American's split over economic outlooks. November's final reading came in at a less-than-expected 71.8, ahead of October's print of 70.5 but 1.3 points below the month's preliminary reading.

"In a mirror image of November 2020, the expectations index surged for Republicans and fell for Democrats this month, a reflection of the two groups' incongruous views of how [President-elect Donald Trump's] policies will influence the economy," said Joanne Hsu, director of Surveys of Consumers, in a statement.

On the Earnings Front:

Gap (GAP  ) shares rose higher Friday on the apparel retailer's strong third-quarter earnings report and better-than-expected forward guidance ahead of its holiday quarter. The company, which owns Old Navy, Banana Republic, Athleta and its namesake storefront, now expects fiscal 2024 sales to increase between 1.5% and 2%, compared with its prior outlook of "up slightly."

"We are energized about the holiday. Our teams are really focused on executing our plans. If we compare ourselves to where we were last year, our brands are in a much more pronounced plance than they were last year," CEO Richard Dickson said in an interview with CNBC. "We've got stronger brand identities and we're more practiced in our playbook that we talk a lot about, driving better product, better pricing, more relevance, better consumer experience and excellence in execution."