Wall Street stocks rose in early trading Friday, extending the week's positive trend after benign economic data kept alive the prospects for a Federal Reserve interest rate cut.

"There were no negative surprises," said CFRA Research's Sam Stovall, pointing to jobs and inflation data in recent days that corroborate the Fed's confidence that inflation has significantly moderated.

"The market has continued to creep back up to the all-time high level," Stovall said.

About 30 minutes into trading, the Dow Jones Industrial Average was up 0.5 percent at 41,315.38.

The broad-based S&P 500 advanced 0.4 percent to 5,615.10, while the tech-rich Nasdaq Composite Index climbed 0.3 percent to 17,618.15.

The Fed is scheduled to meet next week. Policy makers have signaled a likely interest rate cut, with the main uncertainty on how big it will be.

Among individual companies, Boeing fell 2.2 percent after Seattle region workers overwhelmingly rejected a four-year contract proposal, launching a strike that will shutter two major factories.