The S&P 500 Index (SPY  ) rose to its fifth-straight record close on Friday as better-than-expected earnings and positive trade news give already high valuations more room to run.

The broader market index added 0.4% to settle at 6,388.64 for the first time after reaching a fresh intraday high earlier in the session. The Dow Jones Industrial Average (DIA  ) also climbed 200 points and now rests less than 1% below its all-time high, while the tech-heavy Nasdaq Composite (QQQ  ) advanced to a new record close of 21,108.32.

The session's gains also pushed all three major averages higher for the week, each rising more than 1%. Friday also marked the S&P 500's 14th record close so far this year, as the index topped 6,300 for the first time on Monday.

The week was defined by strong earnings reports, including stellar results from mega-cap Alphabet (GOOG  ) (GOOGL  ), and progress from trade discussions between the United States and key trading partners such as the European Union and Japan.

President Donald Trump said Friday he expects more deals to be announced before the Aug. 1 "reciprocal" tariff deadline next week. Analysts expect a deal with the European Union to be among those forthcoming deals, as European Commission President Ursula von der Leyen wrote in a social media post on Friday that trade representatives from each economic superpower will meet in Scotland on Sunday.

Trump told reporters ahead of his trip to Scotland that there is a "50-50 chance" the U.S. will reach a trade deal with Europe.

"The trade deal with the E.U., I would say that we have a 50-50 chance, maybe less than that, but a 50-50, chance of making a deal with the E.U., and it'll be a deal where they have to buy down their tariffs, because they're right not at 30% and they'll have to buy them down maybe, or they could lead them the way they are," Trump said on Friday, adding that he believes the U.S. has a 25% chance to make a trade deal with Japan.

Elsewhere in the news, Tesla (TSLA  ) CEO Elon Musk said his electric vehicle company could reach a valuation of $20 trillion (it is currently valued around $1 trillion). His comments follow Tesla's disappointing second-quarter and current market weakness -- the stock is down more than 16% year-to-date.

"Extreme execution is needed, but a valuation of $20 trillion for Tesla is possible," Musk wrote in a post on his social media platform X on Friday.

Looking ahead, market participants are in for another busy week of earnings reports, including from mega-caps Apple (AAPL  ) and Meta Platforms (META  ), economic data on employment and inflation, and the Federal Reserve's next monetary policy decision.