The benchmark S&P 500 was in the 1% range of the 7,000-point mark, and the blue-chip Dow hit a record closing high last week.

Market activity is likely to be subdued toward the year-end due to a lack of fresh catalysts, given the holiday-shortened week, says analyst.

The index recovered from intraday losses and closed up 0.23% in the final hour, supported by steady institutional demand, says analyst.