NEW YORK (CNNMoney.com) - The Dow industrials scratched out a fresh, six-year closing high Friday, but the broader market had it tougher, after oil prices spiked to a record high over $75 a barrel.

The Dow Jones industrial average (up 4.56 to 11,347.45, Charts) ended barely higher, but the gains were sufficient to set it at the highest point since Jan. 20, 2000, when it closed at 11,351.30. It's also within sight of its all time high of 11,722.98, reached on Jan. 14, 2000.

Special Reportfull coverage America's cheapest gas is in this town Summer drivers to get a break on gas Why gas prices are likely to keep climbing You'll pay a little less for gas this summer Expect relief from record February gas prices Why gas prices are rising

The broader Standard & Poor's 500 (down 0.18 to 1,311.28, Charts) index finished little changed. The Nasdaq composite (down 19.69 to 2,342.86, Charts) lost 0.8 percent.

For the week, all three major gauges ended higher, with the Dow rising 1.9 percent, the S&P 500 rising 1.7 percent and the Nasdaq rising 0.7 percent.

The three indexes started the session off in positive territory, thanks to upbeat earnings from 3M and Google. But the advance petered out in the afternoon, as record-high oil prices revived worries about higher energy costs for companies and consumers.

"Oil and gold have reversed course again and are weighing on the market," said Peter Cardillo, chief market analyst at S.W. Bach & Co. "If oil goes higher, it could mean we may be headed for a (stock) correction."

The Dow is certainly vulnerable, while the S&P 500 has been unable to break through the nearly five-year highs it hit in early April. The Nasdaq has dwindled since hitting a more than five-year high on Wednesday.

Next week brings a slew of S&P 500 earnings, with more than 30 percent of the broad index due to report results. Economic reports are due on gross domestic product growth, housing and consumer confidence.

U.S. light crude oil for June delivery rose $1.48 to settle at $75.17 a barrel on the New York Mercantile Exchange, a new closing high. During the session, it rose as high as $75.35, a new record for a front-month contract.

While that was a negative for investor sentiment, it was a positive for oil stocks, which surged. The Amex Oil (up 32.58 to 1,185.24, Charts) index added 2.8 percent.

COMEX gold rose $14.40 to $637.50 an ounce, bouncing back from the nearly $13 decline it posted in the previous session. The advance set it at a new 25-year high.

Silver bounced back too after Thursday's drubbing. Gold and silver stocks enjoyed pretty much across the board gains Friday.

The Amex Gold Bugs (up $14.28 to $373.68, Research) index added 4 percent. The Philadelphia Gold and Silver (up $5.16 to $155.32, Research) index added 3.4 percent.

For a look at what Thursday's selloff in gold means for investors, click here.

Dow component 3M (up $2.46 to $85.06, Research) reported higher quarterly earnings and boosted its full-year forecast, due to strength in a variety of its businesses. Shares gained 3 percent. It was the Dow's biggest gainer.

Other Dow gainers included Alcoa (up $0.62 to $35.39, Research) and Exxon Mobil (up $1.08 to $65.00, Research).

Among other Dow 30 movers, Merck (down $0.26 to $34.74, Research) fell 0.7 percent after a jury in a Texas border town found the drug maker liable in the death of a former Vioxx patient. (Full story.)

Dow stock Intel (down $0.39 to $19.06, Research) lost 2 percent as part of a broad selloff in the influential chip sector. The Philadelphia Semiconductor (down 10.88 to 518.42, Charts) index, or the SOX, lost 2 percent.

Dell (down $1.23 to $27.01, Research) lost 4.4 percent after Citigroup downgraded the PC maker to "sell" from "buy," citing slowing growth in personal computers and servers and the fact that Dell is losing its lead in terms of pricing.

But all was not so gloomy for technology. Google (up $22.10 to $437.10, Research) reported first-quarter sales and earnings Thursday night that topped estimates. Friday morning, a number of brokerage firms upgraded the stock and raised their earnings targets for the company. The stock jumped 5.3 percent.

Ford Motor (down $0.63 to $7.32, Research) sank nearly 8 percent after the automaker posted a steep quarterly loss, due to charges taken for job cuts and plant closings as part of a broad restructuring. Rival General Motors (down $0.85 to $21.79, Research) fell 4 percent.

Market breadth was mixed. On the New York Stock Exchange, winners edged out losers by a narrow margin on volume of 1.77 billion shares. On the Nasdaq, decliners beat out advancers eight to seven on volume of 2.37 billion shares.

Treasury prices edged higher, lowering the yield on the benchmark 10-year note to around 5.01 percent from 5.04 percent late Thursday. Treasury prices and yields move in opposite directions.

-------------------

Click here for more market news.