Drew Angerer | Getty Images News | Getty Images
Traders and financial professionals work on the floor of the New York Stock Exchange (NYSE) ahead of the opening bell.
"In nearly 25 years of compiling earnings data, we have never measured this much growth this late in the cycle," said Raich. "The Tax Cuts and Jobs Act is a major reason why we are seeing such growth."
However, the market's gains on Friday were tempered by lingering worries of a potential trade war with China.
The Wall Street Journal reported, citing officials familiar with the matter, that the Trump administration is planning to ratchet up the trade pressure on China through new tariffs and by threatening to block Chinese technology investment in the United States.
Trade fears have plagued investors recently, with the S&P 500 falling more than 3 percent over the past month.
The moves Friday come after Wall Street finished its previous session in the black. On Thursday, the Dow Jones industrial average gained 293.60 points to close at 24,483.05, after President Donald Trump clarified his position on a possible missile attack in Syria.
Markets have been on edge in recent days after Trump appeared to criticize the Kremlin for its supporting Syrian President Bashar Assad, following a suspected chemical attack last weekend.
On the data front, consumer sentiment and the job openings and labor turnover survey (JOLTS) are both due out at 10 a.m. ET.
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