NEW YORK (Reuters) — US stocks rose in heavy volume, pushing the Dow to a record as tame consumer prices reassured investors inflation was under control and economic growth was still strong enough to support profits.Sliding energy shares, however, braked the market’s advance after investors took profits in the sector after several days of sharp gains. The November report on the US Consumer Price Index relieved worries the Federal Reserve might have to resume raising interest rates to keep inflation in check and bolstered the view the economy may slow at a moderate pace and avoid recession.

One of the stocks most closely tied to the economic outlook, General Electric Co., shot up 3.2 percent, or $1.15, to $37.36 on the New York Stock Exchange. GE gave the biggest boost to both the Dow and the S&P 500 as momentum carried it through technical levels, pushing the stock to a two-year high at $37.51.

“The report showed consumer prices were unchanged and that is a good thing,” said Anthony Conroy, head trader with BNY Brokerage, a unit of Bank of New York. “People think the Fed is done raising rates and that we will have solid growth in the first and second quarters,” an outlook that helped the stock market.

The Dow Jones industrial average gained 28.76 points, or 0.23 percent, to end at 12,445.52. The Standard & Poor’s 500 Index added 1.60 points, or 0.11 percent, to finish at 1,427.09. The Nasdaq Composite Index rose 3.35 points, or 0.14 percent, to close at 2,457.20.

For the week, the Dow industrials finished up 1.1 percent, the S&P 500 rose 1.2 percent and the Nasdaq advanced 0.8 percent.

Investors pushed the Dow earlier in the session to an intraday record high of 12,486.30 after more robust earnings reports, particularly from technology companies, underpinned the increasingly favourable sentiment about the US economy.

Volume was heavy on the New York Stock Exchange, where about 2.11 billion shares changed hands, well above last year’s daily average of 1.61 billion. On the Nasdaq, about 2.48 billion shares were traded, far more than last year’s daily average of 1.80 billion.

Decliners outnumbered advancers by a ratio of nearly nine to eight on the NYSE while on the Nasdaq, about eight stocks fell for every seven that rose.

The S&P 500 climbed to a six-year high at 1,431.63, while the Nasdaq reached an intraday peak at 2,470.02, its best level since February 2001.

Friday marked the quarterly expiration and settlement of four different types of December futures and options contracts — a convergence known as quadruple witching. The event stirred up volatility and added volume as investors spruce up their portfolios for the year or exercise derivative positions.

Shares of Adobe Systems Inc. gained 4.9 percent, or $2.00, to $42.81 on the Nasdaq after the design software maker late Thursday reported higher profits and a first-quarter outlook in line with Wall Street forecasts. Adobe contributed the most to the Nasdaq 100’s advance.

However, slipping energy stocks curbed some of the markets’ gains, traders said.

Oil shares fell, and the Chicago Board Options Exchange’s Oil Index declined nearly one percent, falling from the lifetime high reached the day before.

The index surged to the fresh record Thursday as shares of major components, including Exxon Mobil Corp., rose to their highest levels ever.

On Friday, Exxon was down 1.8 percent, or $1.43, at $77.30 on the NYSE.

Shares of Honeywell International Inc. gained 2.2 percent, or 93 cents, to $43.62 and ranked as the Dow’s second-biggest advancer. Honeywell’s products range from cockpit electronics to temperature-management systems for buildings.

Shares of Citigroup rose 1.8 percent a day after the No. 1 US bank said it expects its investment spending next year to rise by less than half the increase in 2006. Citigroup’s stock, up 96 cents at $54.07 on the NYSE, was the second-biggest contributor to the S&P 500’s rise.