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,

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.

Stocks were sliding on Thursday as the trade-relief rally fizzled out, but investors were still feeling zen. The Cboe Volatility Index, a widely-followed fear gauge that tracks S&P 500 options and trades under the ticker VIX,