Global Stocks: U.S. stock indices gained on Friday and over the week

U.S. stock indices rose on Friday with technology companies leading the gains amid positive earnings reports.

The Dow Jones Industrial Average gained 157.81, or 0.9%, to 17,646.97 (+2.5% over the week). The S&P 500 rose 22.65 points, or 1.1%, to 2,075.16 (+2.1% over the week). The Nasdaq Composite Index rose 111.81, or 2.3%, to 5,031.86 (+3% over the week).

Shares of Amazon rallied 6.2% on a strong earnings report and expectations for good profits during the holiday season.

An unexpected rate cut by the People's Bank of China also pushed stocks up. The bank lowered its one-year deposit rate by 25 basis points to 1.5% and its one-year lending rate by 25 basis points to 4.35%.

"The estimated cash released from these policy changes is 600 to 700 billion yuan in liquidity (about $93.75 to $109.3 billion)," IG's market strategist Evan Lucas wrote in a note.

This morning in Asia Hong Kong Hang Seng rose 0.25%, or 58.52, or 23,210.46. China Shanghai Composite Index climbed 0.79%, or 27.11, to 3.439.54. The Nikkei gained 0.83%, or 157.16, to 18,982.46.

Asian indices rose amid a rate cut by the central bank of China and expectations of more stimulus from the European Central Bank.

Meanwhile China has begun its four-day plenary session to finalize the country's economic and social policies for the next five years.