AAP

Wall Street closed higher to end last week, with all three major indices posting weekly gains as investors took comfort from data pointing to robust economic activity in the world's biggest economy.

Wall Street's main indexes closed higher overnight after choppy trading on Thursday, with the blue-chip Dow and the S&P 500 hitting one-week tops.

Boosting clean energy and housing supply investments will be added to the priorities for Australia's sovereign wealth fund under a revamped mandate.

Anthony Albanese has backed commitments by global leaders to deepen climate change action as Australia positions itself as an attractive place for renewable investment.

The Nasdaq and S&P 500 closed higher overnight, recovering some losses as investors anticipate quarterly earnings from AI leader Nvidia.

Australia has revived its trade relationship with China without compromising any of its national interests, prime minister Anthony Albanese says.

Wall Street's main indexes closed lower overnight after federal reserve chair Jerome Powell dampened investors' hopes for another interest rate cut this year by saying the US central bank need not rush to ease monetary policy.

The Dow and the S&P 500 ended slightly higher overnight while the Nasdaq lost ground after October data showed consumer prices rising in line with expectations.

A $900 million fund has been welcomed by economists hopeful it will modernise the construction industry where productivity has been flat for three decades.