The S&P 500 gained 1.7 percent, led by a 4.5 percent rise in the energy sector.
The U.S. market was also helped by comments from St. Louis Federal Reserve President James Bullard that the continued rout in global oil markets has caused a "worrisome" drop in U.S. inflation expectations that may make further rate hikes hard to justify.
U.S. retail sales data due later on Friday will be on investors' radar as they try to gauge the likelihood of the Fed raising rates in March.
In the currency market, the yen advanced after earlier losses on a resumption of demand for the safe haven currency.
The dollar slipped 0.1 percent to 117.89 yen, after earlier rebounding from a 4 1/2-month low of 116.70 yen hit on Monday.The euro advanced 0.1 percent, fetching $1.0879.
The European Central Bank said it saw scope for further cuts in its deposit rate in minutes of its December meeting, but many ECB policymakers appeared sceptical about the need for further action in the near term.
Commodity-linked currencies retreated after their earlier gains, with the Australian dollar slipping 0.4 percent to $0.6957, compared with Thursday's four-month low of $0.6910.
Saudi Arabian shares, one of the worst performing market along with China so far this year, hit five-year lows on Thursday.
Low oil prices not only hurt many oil-producing countries but also prompt their sovereign wealth funds to sell assets to finance budget gaps, putting pressure on many assets.
The U.S. market was also helped by comments from St. Louis Federal Reserve President James Bullard that the continued rout in global oil markets has caused a "worrisome" drop in U.S. inflation expectations that may make further rate hikes hard to justify.
U.S. retail sales data due later on Friday will be on investors' radar as they try to gauge the likelihood of the Fed raising rates in March.
In the currency market, the yen advanced after earlier losses on a resumption of demand for the safe haven currency.
The dollar slipped 0.1 percent to 117.89 yen, after earlier rebounding from a 4 1/2-month low of 116.70 yen hit on Monday.The euro advanced 0.1 percent, fetching $1.0879.
The European Central Bank said it saw scope for further cuts in its deposit rate in minutes of its December meeting, but many ECB policymakers appeared sceptical about the need for further action in the near term.
Commodity-linked currencies retreated after their earlier gains, with the Australian dollar slipping 0.4 percent to $0.6957, compared with Thursday's four-month low of $0.6910.
Saudi Arabian shares, one of the worst performing market along with China so far this year, hit five-year lows on Thursday.
Low oil prices not only hurt many oil-producing countries but also prompt their sovereign wealth funds to sell assets to finance budget gaps, putting pressure on many assets.
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