New York, Jan 19 (IANS): US stocks traded on an upbeat note on Friday amid growing expectations on potential progress in trade talks between the United States and its trading partners.

The Dow Jones Industrial Average soared 298.88 points, or 1.23 per cent, to 24,668.98. The S&P 500 was up 33.32 points, or 1.26 per cent, to 2,669.28, Xinhua news agency reported.

The Nasdaq Composite Index rose 87.06 points, or 1.23 per cent, to 7,171.52.

Shares of Caterpillar and Boeing, companies with high overseas revenue exposure, advanced 2.8 per cent and 2 per cent, respectively, contributing to the Dow.

All the 11 primary S&P 500 sectors traded higher, with both industrials and materials up more than 2 percent, outpacing others in the index.

Major US tech shares including Facebook, Apple, Amazon and Google-parent Alphabet gained, boosting the tech-heavy Nasdaq. However, Netflix stock struggled.

The US online streaming giant reported mixed fourth-quarter results after Thursday's close, with earnings exceeding estimates while revenue missing them.

Shares of Tesla plunged more than 9 per cent around midday after reports on Friday revealed that the company is planning to cut its full-time staff headcount by about 7 per cent as it ramps up production of its Model 3 sedan.