U.S. stocks hit record closing highs again on Friday and the S&P 500 registered its biggest weekly percentage gain since early September after data showed a rise in consumer spending and investors continued to be optimistic over progress in the U.S.-China trade war.

The Dow Jones Industrial Average rose 77.59 points, or 0.27%, to 28,454.55, the S&P 500 gained 15.82 points, or 0.49%, to 3,221.19 and the Nasdaq Composite added 37.74 points, or 0.42%, to 8,924.96.