Wall Street rose, and the S&P 500 came within a few points of its closing record high. The index has gained 5 percent since Wednesday for its best three-day stretch since 2011.
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"Fears have been at least pushed once again to the sidelines," said Michael James, managing director of equity trading at Wedbush Securities in Los Angeles.
The president of the San Francisco Fed, John Williams, on Friday told Bloomberg Radio that it was "reasonable" to think the Fed would raise rates in mid-2015, in line with comments from other Fed governors.
The Dow Jones industrial average rose 0.15 percent to 1,7804.70, while the S&P 500 gained 9.42 points, or 0.4 percent, to 2,070.65, and the Nasdaq Composite added 0.4 percent to 4,765.38.
The S&P energy index jumped 3.1 percent on Friday.
For the week, the Dow gained 3 percent, the S&P 500 rose 3.4 percent, and the Nasdaq climbed 2.4 percent
The MSCI All World Index gained 0.6 percent on Friday; its Asia Ex-Japan Index rose 1.6 percent.
Brent oil prices rebounded, gaining 5 percent to hit $62 a barrel in a recovery from near a 5-1/2-year low, as investors squared books ahead of the year-end after a six-month slide. [O/R]
The rise in oil, which along with gas is among Russia's chief source of export revenue, helped the rouble claw back another 5 percent of the roughly 58 percent it had lost between the end of June and Monday.
The rouble this week slumped as much as about 20 percent against the dollar despite a massive hike in Russian interest rates, putting at risk the stability on which President Vladimir Putin has built his popularity.
Yields on U.S. 10-year bonds fell slightly to 2.18 percent in U.S. trading. Traders attributed the buying of Treasuries to the market having been oversold in recent days.
The euro fell to a 28-month low against the dollar, driven by the prospect of bond buying by the European Central Bank. The yen was also weaker against the dollar, at 119.50, dented by Japan's ongoing monetary stimulus measures. [FRX/]
In Europe, worries emerged that the European Central Bank's money-printing plans could come with a number of restrictive strings attached.
Officials speaking to Reuters on condition of anonymity said the ECB may require countries such as Greece or Portugal to set aside extra money or provisions to cover potential losses from any bond-buying it embarks on next year.
(Additional reporting by Marc Jones, Marius Zaharia and Jamie McGeever in London, and; Caroline Valetkevitch in New York; Editing by Dan Grebler and Leslie Adler)