European stocks closed mixed but at three-month highs amid talk of further easing measures by the ECB.
Asian stocks closed higher, with the Nikkei 225 at a three-month high and the Shanghai composite at its highest level in more than a week.
In continued geopolitical developments one week after the Paris terror attacks, both AP and Reuters said there are no more hostages in the Mali hotel siege that occurred early Friday.
See CNBC's full Paris coverage here
In earnings news, Foot Locker posted quarterly results that topped expectations on both the top and bottom line. The same-store sales increase of 8.7 percent was well above analysts' estimates of a 6.2 percent rise. The stock closed up more than 5.5 percent.
Abercrombie & Fitch gained 25 percent after the firm said it earned an adjusted 37 cents per share for its latest quarter, well above estimates of 22 cents. Revenue also beat expectations. Same-store sales fell 1 percent, smaller than the 2.3 percent drop anticipated by analysts. Abercrombie said it benefited from fewer discounts, although it expects heavy promotional activity in the industry during the holiday shopping season.
Ross Stores closed up 10 percent after earnings topped expectations and revenue came in very slightly above forecasts. Comparable store sales rose 3 percent. The discount retailer said it sees current quarter profit slightly below estimates due to a highly promotional holiday season.
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The Dow Jones industrial average closed up 91.06 points, or 0.51 percent, to 17,823.81, with Nike leading advancers and Chevron the greatest decliner.
The index ended the week up 3.35 percent, its best week in six, with Nike the greatest gainer and DuPont and Pfizer the only decliners on the week.
The Dow transports closed up 0.35 percent, gaining 3.64 percent for the week.
The S&P 500 closed up 7.93 points, or 0.38 percent, at 2,089.17, with consumer discretionary leading six sectors higher and energy the greatest decliner.
The index posted its best week for the year with a gain of 3.27 percent, with consumer discretionary leading all 10 sectors higher with gains of 4.5 percent for the week.
The Nasdaq composite closed up 31.28 points, or 0.62 percent, at 5,104.92.
The Nasdaq ended the week with gains of 3.59 percent, its best in four months. Apple closed the week with a gain of 6.2 percent and the iShares Nasdaq Biotechnology ETF (IBB) up 3 percent.
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The CBOE Volatility Index (VIX), widely considered the best gauge of fear in the market, held below 16.
About three stocks advanced for every two decliners on the New York Stock Exchange, with an exchange volume of 976 million and a composite volume of about 3.9 billion in the close.
High-frequency trading accounted for 49 percent of November's daily trading volume of about 7.2 billion shares, according to TABB Group. During the peak levels of high-frequency trading in 2009, about 61 percent of 9.8 billion of average daily shares traded were executed by high-frequency traders.
Gold futures for December settled $1.60 lower at $1,076.30 an ounce.
— Wires and CNBC's Peter Schacknow contributed to this report.
Correction: This story has been updated to reflect that the S&P 500 had its best week since Dec. 19, 2014, not October.