Wall Street is looking to equal its longest winning streak this year and its best weekly performance in more than five years.

After opening lower, US stocks were slightly higher within the first half hour of trading. The S&P 500 was 0.1 per cent higher at 2732.87.

The benchmark is up 4.3 per cent this week, which would be its best performance since the week ended January 4, 2013. Over the past six sessions, the index has recovered about half its declines since suffering a technical correction last week.

The Dow Jones Industrial Average was up 0.1 per cent at 25,233.74 and the Nasdaq Composite gained 0.1 per cent to 7,259.891.

The US market was following on from gains in Europe, where UK stocks were up 0.6 per cent, German stocks gained 0.4 per cent and French stocks added 0.9 per cent.

Most Asian markets were closed on Friday for the first day of Chinese new year. Japanese stocks gained 1.1 per cent while the Australian market eased 0.1 per cent.

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