Nasdaq and S&P 500 closed at record high on Friday, a holiday-shortened session, as Wall Street continued to digest the Federal Reserve's minutes from its latest meeting.

U.S. stock markets were closed Thursday for the Thanksgiving holiday and on Friday the markets closed at 1: 00 p.m. local time (1800 GMT).

The Dow Jones Industrial Average rose 31.81 points, or 0.14 percent, to 23,557.99. The S&P 500 added 5.34 points, or 0.21 percent, to 2,602.42. The Nasdaq Composite Index gained 21.80 points, or 0.32 percent, to 6,889.16.

According to the minutes released Wednesday, the Fed saw a possible near-term increase in interest rates but policymakers also expressed concerns about persistently low inflation, hinting that the rate hike pace could be more moderate than expected in 2018.

Fed officials agreed that the timing and size of future adjustments to the target range for the federal funds rate would depend on their assessments of realized and expected economic conditions relative to the Federal Open Market Committee's objectives of maximum employment and two percent inflation, the minutes said.

The Fed left its benchmark interest rates unchanged earlier this month, but did leave the door open for a December rate hike.

Market expectations for a rate hike in December stood at 91.5 percent, according to the CME Group's FedWatch tool.

Meanwhile, the Black Friday season started Thursday afternoon as long lines began forming outside retailers like Best Buy and Target.

Adobe Analytics data showed Thanksgiving generated a grand total of 2.87 billion U.S. dollars in online spend between Nov. 1 and Nov. 23, up 18.3 percent year on year.

"We're seeing significantly higher growth in online spend this year, even before the deepest discounts hit on Black Friday; every day in November has been a billion dollar day, and we're predicting that we have more than twice the number of two billion dollar shopping days this holiday season -- that's an incredible milestone," said Mickey Mericle, vice president, Marketing and Customer Insights at Adobe.