The S&P 500 briefly surpassed the 6,000 mark and closed with its biggest weekly percentage gain in a year, as Donald Trump's election victory and a possible Republican Party sweep in Congress fueled expectations for favorable business policies.

The S&P 500 topped 6,000 points for the first time, extending a strong week of gains for the blue-chip index. Wall Street’s benchmark gauge was up 0.5 per cent to briefly hit 6,000.02 just before 1pm Eastern time on Friday.

The stock market marked a historic milestone on Friday, as the Dow Jones Industrial Average hit 44,000 for the first time in its 128-year history, while the S&P 500 crossed the 6,000 mark. Stocks continued their rally,