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,

U.S. stocks rose again to close out their winning week. The S&P 500 climbed 0.7% Friday for a fifth straight gain and pulled within 3% of its record set in February.

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.