US stocks up on GM, Pfizer news

Stocks were up ahead of the long holiday weekend as news from General Motors and Pfizer helped the Dow Jones Industrial Average and surging oil prices benefited member Exxon Mobil.

The Dow Jones Industrial Average gained 28.47, or 0.28%, to 10303.44. For the week, it added 5.6, or 0.1%.

The Nasdaq Composite Index rose 0.41, or 0.02%, to 2057.37. For the week, it climbed 4.10, or 0.2%.

The Standard & Poor's 500 Index advanced 3.11, or 0.26, to 1194.44. In the week, it rose 2.87, or 0.2%.

Oil closed up $2.25, or 4%, to $58.75 ahead of the holiday weekend, ending the commodity's recent price retreat.

"Oil has to be weighing on people's minds," said Fred Dickson, chief market strategist at Davidson. Dickson also said traders did not want to head into the holiday weekend with too many short positions, which added to the upside among indexes because the traders were buying stock to cover their positions.

Looking to next week, dickson said investors will be eyeing oil and earnings, specifically looking to thursday when Dow Industrial Alcoa is slated to kick off earnings season.

Buying was also spurred Friday by the release of the University of Michigan's consumer sentiment report for June, which rose to 96 and surpassed economists' expectation of a reading of 94.8.

General Motors climbed 65 cents, or 2%, to 34.65, the top percentage gainer among the industrials. The automotive giant said June sales surged 47%, with a strong rebound in demand for trucks, as customers were lured to the company's "employee discount" incentive program.