U.S. stocks closed another record-setting week with a muted performance Friday, as hope built on Wall Street that the U.S. economy can manage the rare feat of suppressing high inflation without causing a recession.

The S&P 500 was headed for its 42 record close of the year on Thursday, pushed higher by a surge in stocks of companies that make materials used to support manufacturing. The S&P 500 was up 19 points, or 0.3%, near 5,741, at last check.

U.S. stock indexes are drifting around their records as hopes hold that the economy can pull off the feat of getting painfully high inflation under control without a recession

The Dow Jones Industrial Average snapped a four-day winning streak Wednesday, while the S&P 500 ended slightly lower after back-to-back gains. Both indexes were coming off record closes on Tuesday. The Nasdaq Composite eked out a minor gain.

U.S. stock indexes are drifting around their records as hopes hold that the economy can pull off the rare feat of getting painfully high inflation under control without a recession. The S&P 500 was up 0.