US stocks rose on Friday, notching weekly wins across the major averages after an easing in US-China trade tensions. Investors also eyed President Trump's sweeping tax and spending bill, which failed to clear a key hurdle Friday,

Investors were in a laid-back mood at the end of what's been a stellar week for the stock market. The Cboe Volatility Index, a widely-followed fear gauge that trades under the ticker VIX, fell 0.6% to 17.

Stocks drifted to a mixed close on Wall Street, holding on to most of the gains they made earlier in the week after the U.S. and China declared a temporary ceasefire in their trade war.