European Stocks Close Higher, Miners Rally

European stocks rose for a second session in a row on Friday, as mergers and acquisitions talk prompted investors to scoop up recently battered financials and mining shares.

Dutch consumer electronics maker Philips surged 4.9 percent after the lower house of the Dutch parliament approved a new share buyback policy, which analysts said will allow Philips to return as much as 6 billion euros ($8.95 billion) annually.

The FTSEurofirst 300 index of top European shares unofficially closed 1.5 percent higher at 1,476.08 points.

Europe's benchmark index finished the roller-coaster week with a loss of 1.2 percent.

"The banks, which have been at the heart of the credit crisis, are reaching a floor. They have erased all their outperformance relative to the broad market as investors expect their profits to fall," VP Finance analysts wrote in a note.