Stage Stores, Inc. Friday reported a wider loss for its first quarter, reflecting mainly a charge related to consolidation of its South Hill, Virginia operations. Sales increased 3.5 percent from last year. The company maintained its adjusted earnings per share outlook for fiscal 2013, while lifted its sales view.

Led by building permits and the interest rate spread, leading economic indicators in the U.S. rose by more than anticipated in the month of April, according to a report released by the Conference Board on Friday. The Conference Board said its leading economic index rose by 0.6 percent in April following a revised 0.2 percent decrease in March.

Moving quickly to try to address the scandal over the Internal Revenue Service's targeting of conservative groups, President Barack Obama announced Thursday that he has appointed Daniel Werfel as the agency's new acting commissioner. Werfel, who currently serves as Controller of the Office of Management and Budget, replaces Steven Miller, who was asked to resign on Wednesday.

Stocks moved sharply higher over the course of the trading day on Friday, more than offsetting the weakness seen on Thursday. In a reversal from the previous session, the markets benefited from some upbeat U.S. economic data as well as comments from a Federal Reserve official. The major averages saw further upside going into the close, with the Dow and the S&P 500 reaching new record highs.