U.S. stocks jumped to record highs, partly on optimism that a U.S.-China trade agreement will occur soon and on fairly strong retail sales data from October.

The Dow Jones Industrial Average jumped 222 points to 28,004, the S&P 500 index climbed 23 points to 3,120 and the Nasdaq Composite index added 61 points to 8540. For the week, the Dow surged 1.54%, the S&P jumped 1.29% and Nasdaq moved up 1.28%.

Friday volume on the New York Stock Exchange totaled 3.28 billion shares with 1,825 issues advancing, 119 setting new highs, and 1,105 declining, with 55 setting new lows.

Advanced Micro Devices Inc. (AMD), Aurora Cannabis (ACB), Amarin Corp. PLC (AMRN), Uber Technologies Inc. (UBER) and JD.com (JD) led the most actively traded shares.

White House economic adviser Larry Kudlow said he is optimistic a new trade deal between the U.S. and China will arrive soon. Also, the Commerce Department said retail sales increased 0.3% in October, following a 0.3% drop in the prior month.

"The Dow approaching the psychologically important 28,000 level is yet another sign that investors are regaining confidence in the pending trade truce with China and continued confidence in a U.S. economy that is growing at a stable pace," Chris Zaccarelli, chief investment officer for Independent Advisor Alliance, told CNN.

Restoration Hardware (RH), the luxury home goods retailer, surged 7.6% on news it has received an investment stake from Warren Buffett's Berkshire Hathaway (BRKB).

Overnight in Asia, Hong Kong’s Hang Seng edged up 0.01%, while Japan’s Nikkei 225 rose 0.70% and China’s Shanghai Composite slipped 0.64%.

In Europe, London’s FTSE 100 moved up 0.22% while the German DAX rose 0.46% and the French CAC 40 climbed 0.65%.

Crude oil futures were up 1.8% to $57.80 per barrel and Brent crude was up 0.09% to $63.36. Gold futures were down 0.41%.

The euro was up 0.3% to $1.1054 while the pound sterling climbed 0.18% to $1.2903.

Yield on the 10-year Treasury note climbed to 1.834% and yield on 30-year note rose to 2.311%