U.S. equities were at the mercy of headlines about progress toward a truce in the China-U.S. trade war this week, with signs of a truce pushing the major indexes to record highs.

The S&P 500 rose 0.9 percent in its fifth straight weekly gain. The Dow increased 1.2 percent to 27,681. The Nasdaq added 1.1 percent.

Trade talks were the dominant theme driving the market this week, with the corporate earnings season at its tail end. Prices swung sharply as investors assessed conflicting reports about progress toward an interim trade deal.

Seven of the main 11 S&P 500 industry groups gained for the week. Financial rose the most, advancing 2.4%, followed by energy with a 2 percent increase. Utilities fell the most, dropping 3.7 percent.

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The chemical maker Dow Inc. rallied 7 percent, the best performer in the Dow average as 22 of its 30 member stocks gained.

The third-quarter earnings season is almost over, with 446 of the S&P 500 companies having reported. Among them, 58 percent beat sales projections, according to data compiled by Bloomberg.

The U.S. Treasury will sell $45 billion of 13-week bills and $42 billion of 26-week bills on Nov. 12. It will also sell four-week bills and eight-week bills on Nov. 14.

— Bloomberg News

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