Fundstrat's Tom Lee called Nvidia's earnings release a "clearing event" for the stock market and that investors' "animal spirits" are rising.

Stocks closed higher on Wall Street, giving the market its fifth gain in a row and notching another record high for the Dow Jones Industrial Average.

The Dow Jones Industrial Average climbed 426.16 points, or 0.97%, to finish the session at 44,296.51, while the S&P 500 gained 0.35% to close at 5,969.34, and the tech-heavy Nasdaq inched up 0.16% to end the day at 19,003.65.

The Vanguard Mid-Cap Growth ETF was rising 0.6% on Friday morning at $266.77, putting the fund on pace to potentially book its first record close since November 2021, according to Dow Jones Market Data.

U.S. stocks are climbing after market superstar Nvidia and another round of companies said they’re making even fatter profits than expected.

The S&P 500 ( ^GSPC) advanced 0.3%, while the Dow Jones Industrial Average ( ^DJI) gained 300 points or 0.8%. The tech-heavy Nasdaq Composite ( ^IXIC) flipped between positive an negative territory, after the major gauges closed Thursday in the green.

"There were some warning signs from Target, but if you look at personal income and retail sales, they have been strong all year," said Peter Cardillo, chief market economist at Spartan Capital Securities, in an interview. "That suggests the consumer has buying power."

At the close, the Dow Jones Industrial Average was up 1.0% at 44,296, the S&P 500 was 0.4% higher at 5,969, and the Nasdaq Composite had added 0.2% to 19,003. Helping the Dow outperform was Boeing ( BA ), which climbed 4.1%, as well as American Express ( AXP, +2.9%) and Nike ( NKE, +3.1%).

Earnings season mostly wrapped up this week, capped off by Nvidia's results. The dollar, meanwhile, continued to rise, hitting its highest level since 2022.