Nike's hard-hit shares rallied Friday as Wall Street analysts largely welcomed the company's appointment of veteran executive Elliott Hill as its new CEO.

U.S. stocks drifted around their all-time highs, as a record-setting week for Wall Street closed on a quieter note.

The hedge fund billionaire Bill Ackman has bet big on the iconic American brand. His firm, Pershing Square, acquired three million shares, or 0.2 percent, of Nike this spring. His stake is currently worth about $250 million.