SYDNEY, AAP – Materials and technology stocks have helped the ASX to a record close for a second consecutive day.

Materials shares gained 1.33 per cent and technology improved by 1.29 per cent as investors remained calm after higher than expected US inflation data.

The benchmark S&P/ASX200 index closed higher by 9.8 points, or 0.13 per cent, to 7312.3 on Friday.

The index came within about five points of its all-time high.

The All Ordinaries closed up by 18.4 points, or 0.24 per cent, to 7577.2.

For the week, the market gained 0.23 per cent.

The Australian dollar was buying 77.62 US cents at 1617 AEST, higher from 77.40 US cents at Thursday’s close.