U.S. equities closed higher Friday, reversing Thursday’s losses and finishing at a fresh record high.

Major global indexes logged another week of gains as vaccine optimism largely offset worsening coronavirus trends and the threat of  new restrictions.

Ten-year Treasury yields rose modestly, and oil declined but remains about 8 percent higher for the week at $40 a barrel.

While at a central-bank summit, Fed Chair Powell highlighted the need for more fiscal aid as the near term outlook remains uncertain and recovery uneven.

On the stimulus front, the stalemate continues and looks unlikely that a bipartisan compromise will be achieved.

About 90 percent of S&P 500 companies reported third-quarter earnings last week.

Earnings delivery has been much stronger than expected, as 84 percent of the companies have exceeded analyst estimates by a near record of 18 percent.

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