U.S stocks posted solid gains for the past week as investors hung on hopes for tax reform and digested major economic data.

For the week, the blue-chip Dow rose 1.6 percent, and the broader S&P 500 gained 1.2 percent, while the tech-heavy Nasdaq jumped 1.5 percent.

On the economic front, U.S. total nonfarm payroll employment declined by 33,000, largely due to hurricanes Harvey and Irma that hit the country in September, the Labor Department said Friday in a report.

Economists polled by Reuters had estimated an increase of 90,000 jobs. The unemployment rate declined to 4.2 percent in September, according to the report.

In September, average hourly earnings for all employees on private nonfarm payrolls rose by 12 cents to 26.55 U.S. dollars. Over the past 12 months, average hourly earnings have increased by 74 cents, or 2.9 percent, the report said.

In the week ending Sept. 30, the advance figure for seasonally adjusted initial claims was 260,000, a decrease of 12,000 from the previous week's unrevised level of 272,000, the U.S. Labor Department reported Thursday.

The 4-week moving average was 268,250, a decrease of 9,500 from the previous week's unrevised average of 277,750, said the department.

U.S. Commerce Department announced Thursday that the goods and services deficit was 42.4 billion U.S. dollars in August, down 1.2 billion U.S. dollars from July's revised reading.

New orders for manufactured goods in August, up two of the last three months, increased 5.4 billion U.S. dollars or 1.2 percent to 471.7 billion U.S. dollars, said the Commerce Department in a separate report.

U.S. private sector employment increased by 135,000 in September, marking a sharp decline from August, according to the ADP National Employment Report released on Wednesday.

Economic activity in the non-manufacturing sector grew in September for the 93rd consecutive month, the Institute for Supply Management (ISM) said Wednesday.

The ISM's non-manufacturing index registered 59.8 percent, beating market expectation. This represents continued growth in the non-manufacturing sector at a faster rate.

Economic activity in the manufacturing sector expanded in September, and the overall economy grew for the 100th consecutive month, according to ISM on Monday.

The manufacturing index, also known as the purchasing managers index (PMI), registered 60.8 in September, an increase of 2 percentage points from the August reading of 58.8 percent, said the ISM.

Meanwhile, U.S. construction spending rebounded in August after two months of declines.

The commerce department said on Monday that construction spending was at 1.22 trillion U.S. dollars, 0.5 percent above the revised July estimate, and 2.5 percent above the August 2016 figure.

All three major indices posted record high for four consecutive sessions from Monday to Thursday as the market renewed hope for tax reform.

The Trump administration and U.S. Congressional Republicans last week released a unified framework for tax code reform which will cut tax rates for both businesses and individuals.

However, the plan lacks details on how to consolidate fiscal position in face of big tax cuts.