NEW YORK: U.S. stocks posted weekly gains as investors were optimistic about the progress of U.S.- China trade talks.
For the week, the Dow was up 1.17 percent, the S&P 500 increased 0.89 percent, and the Nasdaq gained 0.77 percent.Trade bellwether Caterpillar and Boeing all rose more than 1 percent at market close on Friday.
On the data front, the U.S. Department of Commerce said on Friday retail sales increased 0.3 percent in October, reversing a 0.3-percent decline in September.
Weekly jobless claims reached 225,000 last week, an increase of 14,000 from previous week's unrevised level, the U.S. Department of Labor said on Thursday.
U.S. consumer price index rose more than expected in October. The Consumer Price Index for All Urban Consumers rose 0.4 percent on a seasonally adjusted basis after being unchanged in September, the U.S. Department of Labor said on Wednesday, reports Xinhua.
In economic news, Federal Reserve Chairman Jerome Powell said on Wednesday at a hearing held by the Joint Economic Committee of Congress that the current stance of U.S. monetary policy is "likely to remain appropriate" as long as the U.S. economy stays on track.
Despite an overall favorable baseline for the U.S. economy, the Fed chairman pointed out several "noteworthy risks" to the economic outlook, including sluggish growth abroad, trade developments and muted inflation pressures.The central bank has already cut its benchmark rate three times this year to a range of 1.5 percent to 1.75 percent.