Stocks ticked higher on Friday, with the S&P 500 reaching the 4,300 benchmark for the first time since August, as investors were encouraged by a new partnership between two of the largest American automakers and looked ahead to the Federal Reserve's next policy decision.

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

S&P 500 Index (SPY  ): +0.11% or +4.93 points to 4,298.86

Dow Jones Industrial Average (DIA  ): +0.13% or +43.17 points to 33,876.78

Nasdaq Composite Index (QQQ  ): +0.16% or +20.62 points to 13,259.14

For the week, the S&P 500 rose for its fourth straight weekly gain, marking its longest weekly winning streak since August 2022. The benchmark also entered a new bull market on Thursday, rising more than 20% from its October 2022 lows.

The Nasdaq Composite is also climbed to its seventh straight weekly gain, its longest upswing since November 2019. The Dow Jones notched its fourth straight positive day on Friday and advanced 0.34% for the week.

Making headlines on Friday, General Motors (GM  ) and Tesla (TSLA  ) announced a partnership for GM to use Tesla's Supercharger Network across North America. The news comes two weeks after Ford (F  ) entered a similar partnership with Tesla.

"This collaboration is a key part of our strategy and an important next step in quickly expanding access to fast chargers for our customers," GM CEO Mary Barra said in a press release.

Also in the spotlight, Netflix (NFLX  ) shares gained on Friday after new data from analytics platfrom Antenna showed new U.S. subscriptions rose by the more in at least four and a half years following the streaming giant's password sharing policy roll out last month.

Looking ahead, market participants are awaiting another key inflation report due out Tuesday morning as well as the Federal Open Market Committee policy decision set to be released Wednesday afternoon. Markets are currently expected a more than 71% probability that the Fed will pause its rate hiking campaign at the June meeting, according to the CME FedWatch Tool.