The S&P 500 and Nasdaq Composite reached all-time highs on Friday as Netflix shares rose. The broader market also climbed after the top Federal Reserve official characterized the U.S. economy as "strong."

The S&P 500 rose 0.6 percent to close at 2,874.69, led by gains in materials and tech. Friday marked the S&P 500's first record close since Jan. 26. The tech-heavy Nasdaq advanced 0.9 percent and closed at 7,945.98.