Praise be to Allah.
Yes, Friday is a good day; there are many ahaadeeth which speak of its virtues. See Question no. 9211.
There are many acts of worship which are prescribed for the Muslim to do on this day. These include:
1 – Salaat al-Jumu’ah (Friday prayer)
Allaah says (interpretation of the meaning):
“O you who believe (Muslims)! When the call is proclaimed for the Salaah (prayer) on Friday (Jumu‘ah prayer), come to the remembrance of Allaah [Jumu‘ah religious talk (Khutbah) and Salaah (prayer)] and leave off business (and every other thing). That is better for you if you did but know!”
Ibn al-Qayyim (may Allaah have mercy on him) said in Zaad al-Ma’aad (1/376):
Friday prayer is one of the most important obligations in Islam, and one of the greatest gatherings of the Muslims. Gathering on Friday is more important and more obligatory than any other gathering apart from ‘Arafah. Whoever neglects it, Allaah will place a seal on his heart.
It was narrated from Abu’l-Ja’d al-Damari – who was a companion of the Prophet (peace and blessings of Allaah be upon him) – that the Prophet (peace and blessings of Allaah be upon him) said: “Whoever neglects three Jumu’ahs, Allaah will place a seal on his heart.”
Narrated by Abu Dawood, 1052; classed as saheeh by al-Albaani in Saheeh Abi Dawood, 928
It was narrated from ‘Abd-Allaah ibn ‘Umar and Abu Hurayrah that they heard the Messenger of Allaah (peace and blessings of Allaah be upon him) say on the minbar:
“Let people stop neglecting Jumu’ah, or Allaah will place a seal on their hearts, then they will be among those who are neglectful.”
Narrated by Muslim, 865.
2 – Making a lot of du’aa’.
On this day there is a time when a person’s Lord will answer his du’aa’ – by Allaah’s leave.
It was narrated from Abu Hurayrah (may Allaah be pleased with him) that the Messenger of Allaah (peace and blessings of Allaah be upon him) mentioned Friday and said: “On this day there is a time when no Muslim stands and prays, asking Allaah for something, but Allaah will grant him it” – and he gestured with his hands to indicate how short that time is.
Narrated by al-Bukhaari, 893; Muslim, 852
3 – Reading Soorat al-Kahf.
It was narrated from Abu Sa’eed al-Khduri that the Prophet (peace and blessings of Allaah be upon him) said: “Whoever reads Soorat al-Kahf on Friday, he will be illuminated with light between the two Fridays.” Narrated by al-Haakim; classed as saheeh by al-Albaani in Saheeh al-Targheeb, 836
4 – Sending a lot of blessings upon the Prophet (peace and blessings of Allaah be upon him).
It was narrated from Aws ibn Aws that the Prophet (peace and blessings of Allaah be upon him) said: “The best of your days is Friday. On that day Adam (peace be upon him) was created; on that day he died; on that day the Trumpet will be blown; and on that day all of creation will swoon. So send a great deal of blessings upon me (ie.on Friday), for your blessings will be shown to me.” They said, “O Messenger of Allaah, how will our blessings upon you be shown to you when you have turned to dust?” He said, “Allaah has forbidden the earth to consume the bodies of the Prophets, peace be upon them.”
Narrated by Abu Dawood, 1047; classed as saheeh by Ibn al-Qayyim in his comments on Sunan Abi Dawood, 4/273; classed as saheeh by al-Albaani in Saheeh Abi Dawood, 925.
He said in ‘Awn al-Ma’bood:
Friday is singled out because it is the best of days and the chosen day. So there is an advantage to sending blessings upon him on that day that is not present on any other day.
Along with these virtues and acts of worship, the Prophet (peace and blessings of Allaah be upon him) forbade singling out Friday for fasting, or singling out the night of Friday for doing acts of worship that are not narrated in sharee’ah.
It was narrated from Abu Hurayrah that the Prophet (peace and blessings of Allaah be upon him) said: “Do not single out the night of Friday for qiyaam al-layl, and do not single out the day of Friday for fasting, unless that is part of the habitual fasting of any one of you.”
(Narrated by Muslim, 1144).
Al-San’aani said in Subul al-Salaam:
This hadeeth indicates that it is haraam to single out the night of Friday for worship or reading Qur’aan that is not one’s regular custom, apart from that which is indicated in the texts, such as reading Soorat al-Kahf.
This hadeeth clearly states that it is forbidden to single out the night of Friday for prayer or the day of Friday for fasting. It is agreed (among the scholars) that this is makrooh.
He also said:
The scholars said that the reason why it is forbidden to single out Friday for fasting is that Friday is a day of du’aa’, dhikr and worship, such as ghusl, going early to the prayer, waiting for the prayer, listening to the khutbah and reciting a lot of dhikr afterwards, because Allaah says (interpretation of the meaning):
“Then when the (Jumu‘ah) Salaah (prayer) is ended, you may disperse through the land, and seek the Bounty of Allaah (by working), and remember Allaah much”
And there are other acts of worship to be done on this day. So it is preferable not to fast then, as this will help a person to perform these duties in an energetic manner and enjoy them without feeling bored or tired. This is like the pilgrim on the day of ‘Arafah in ‘Arafah, because the Sunnah is for him not to fast on that day for the same reason… This is the reason for not allowing singling out Friday for fasting. And it was said that the reason is so that people will not go to extremes in venerating it as happened in the case of Saturday. But this view is weak, because on that day we offer Jumu’ah prayer and do other acts of worship which are a kind of veneration. And it was said that the reason for its prohibition is so that people would not think that this was obligatory. This is also a weak view because it is encouraged to fast on Mondays and there was no fear that anyone would think it was obligatory. No attention should be paid to this far-fetched view. The same argument is applicable in the case of fasting the day of ‘Arafah and the day of ‘Ashoora’, etc. The correct view is that which we have stated above.
And Allaah knows best.