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.

Traders are waiting on the second-quarter GDP revision and weekly jobless claims data to roll out on Thursday. Micron reports earnings after the closing bell.