The S&P 500 was on track for its fifth straight weekly gain as the U.S. blue-chip index continues to climb within a well-defined rising channel.

The benchmark was poised for a 0.7% advance for the week in afternoon trading Friday, while the Dow rose 0.5% and the Nasdaq Composite added 1.5% to lead the way among the major indices.

“You have the Federal Reserve and the ECB with a very sharp focus on making sure things don’t stall. Absent some outside shock, I think the path of least resistance for equities is up,” said Jeff Meyerson, head of trading for Sunrise Securities, in a Reuters report.

Volatility remains low with the VIX falling below 15 at one point Friday afternoon, its lowest level since March. [Volatility ETFs: It’s Quiet Out There…Too Quiet]

Several commodity-linked ETFs were among the week’s top performers, including funds tracking miners, coal and energy.

Among equity sectors, this week’s standouts were semiconductors and homebuilders. [Builder ETFs Hit 52-Week High After JP Morgan Upgrades]

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