After The Bell: Stocks Higher, Capping Solid Week

(CBS) -- Stocks closed sharply higher Friday, capping off a solid week of gains, as investors digested strength in retail and technology.

The S&P 500 gained 8, the NASDAQ added 31 and the Dow Jones Industrial Average closed up 91 points, settling to 17,824.

"I think the market definitely has baked in a December Fed rate hike, and the strange thing is the market seems eager for the rise in rates to happen," says Matt Shapiro, president of MWS Capital. "It's kind of counter intuitive. You would think once the Fed raises rates that's going to increase consumer borrowing costs and take the long end of the curve up, but it seems the market is shrugging it off."