Wall Street's main indexes rose Friday for their fifth straight daily advance, buoyed by the U.S.-China tariff truce earlier in the week even as economic survey data showed a deterioration in consumer sentiment.

While the S&P 500 steadily added to gains from late morning, stocks briefly lost ground earlier when the University of Michigan Surveys of Consumers said its Consumer Sentiment Index slumped further in May while one-year inflation expectations surged to 7.3% from 6.5% last month.

All three main indexes boasted weekly gains after starting out with a steep rally on Monday - after Washington and Beijing agreed to a 90-day pause in their escalating trade war. This was days after Trump and British Prime Minister Keir Starmer had announced a limited bilateral trade agreement.

Lindsey Bell, chief market strategist at Clearnomics, New York, said Friday's advance was a "carry on from the de-escalation in the trade conflict."

With the economy still solid while investors are pessimistic, Bell expects more volatility ahead as tariff headlines come out, and added that "data could change in coming months."

"I don't think we're out of the woods yet. We're going to have to take it on a day-by-day, week-by-week basis," she said.

Paul Christopher, head of global investment strategy at Wells Fargo Investment Institute, described the market as "cautiously optimistic" about the softening stance on trade, but waiting to see where the U.S. eventually lands on tariffs.

"We haven't even begun to see what happens when those tariffs really bite, when firms have to raise their prices to consumers and consumers see fewer goods and less variety on the shelves," said Christopher.

Investors were also left waiting for clarity on U.S. tax policy as Trump's sweeping tax bill failed to clear a key procedural hurdle as hardline Republicans demanding deeper spending cuts blocked the measure in a rare political setback for the Republican president in Congress.

According to preliminary data, the S&P 500 gained 41.54 points, or 0.70%, to end at 5,958.47 points, while the Nasdaq Composite gained 96.57 points, or 0.51%, to 19,208.89. The Dow Jones Industrial Average rose 328.03 points, or 0.78%, to 42,650.78.

Unitedhealth Group Inc regained some ground after eight straight days of steep losses. Investors said they were warily expecting strategic changes at the insurer after the Wall Street Journal reported it was under a criminal probe by the Justice Department.

Among other stocks, Applied Materials shares slipped after the provider of equipment for chip manufacturing missed estimates for second-quarter revenue.

Charter Communications shares rose after the cable company said it would buy privately held rival Cox Communications for $21.9 billion.

Shares in Verizon Communications rose after the Federal Communications Commission said Friday it was approving its $20 billion purchase of fiber-optic internet provider Frontier Communications after the largest U.S. telecom company agreed to end its diversity, equity and inclusion programs.