European stocks closed mildly higher. The German DAX gained 3.7 percent for the week and the Euro STOXX Banks index gained nearly 5.7 percent, both their best weeks since mid-April.
Asian stocks were mostly higher, with the Nikkei 225 up almost 0.4 percent and the Hang Seng nearly 0.9 percent higher. The Shanghai composite closed mildly lower to end the week 0.16 percent lower, for its first six-week decline since July 2012.
China reported a slowdown in industrial profits, with 4.2 percent year-over-year growth in April versus 11.1 percent in March, the National Bureau of Statistics said Friday.
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The Dow Jones industrial average closed up 44.93 points, or 0.25 percent, at 17,873.22, with Verizon leading advancers and McDonald's the greatest laggard.
The Dow gained 2.13 percent for the week, with Apple the best performer and Nike the only stock falling for the week.
The S&P 500 closed up 8.96 points, or 0.43 percent, to 2,099.06, with financials leading all 10 sectors higher.
The index gained 2.28 percent for the week with tech the best performer as all sectors gained.
The Nasdaq composite closed up 25 points, or 0.50 percent, to 4,926.
The Nasdaq rose 3.44 percent for the week. Apple posted a weekly gain of nearly 5.4 percent.
The CBOE Volatility Index (VIX), widely considered the best gauge of fear in the market, declined to trade near 13.1.
About two stocks advanced for every decliner on the New York Stock Exchange, with an exchange volume of 825 million and a composite volume of nearly 3.0 billion.
High-frequency trading accounted for 49 percent of May's daily trading volume of about 7.04 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 August delivery, which had the highest trade volume according to the CME, settled down $6.00 at $1,216.70 an ounce. The June contract settled down $6.60 at $1,213.80, its lowest since late February.
—Reuters contributed to this report.