U.S. stocks are rallying Friday to trim their losses in what had been one of the market's roughest weeks of the year. The S&P 500 climbed 1.2% and was on track for its best day in six weeks after erasing an early drop.

Wall Street is making history in more ways than one. This has been nothing short of a banner year for Wall Street. Whereas the stock market has historically delivered average annual gains of around 10%,

Wall Street pointed toward gains early as markets try to claw back losses from a rare bumpy week. Futures for the S&P 500 gained 0.4% before the bell Friday, while futures for the Dow Jones Industrial Average rose less than 0.