S&P 500 Scores 45th Record Close This Year

U.S. stocks rose modestly on Friday, as investors welcomed a fresh dose of liquidity from China's central bank and dovish comments from European Central Bank President Mario Draghi. China's central bank cut its one-year loan and one-year deposit rate to stimulate its economy. Meanwhile, Draghi said the ECB will do what it "must to raise inflation and inflation expectations as fast as possible," at a banking conference in Frankfurt. All three benchmarks recorded fifth-straight week of gains. Central banks' action triggered a rally in materials and energy stocks, which led the gains on the S&P 500 . The benchmark index closed 10.71 points, or 0.5% higher at 2,063.46. The Dow Jones Industrial Average jumped 90.48 points, or 0.5%, to 17,809.48. The Nasdaq Composite ended the day up 11.10 points, or 0.2%, at 4,712.97.