General Electric, Morgan Stanley and Textron all rose after reporting results that were better than analysts expected.
The Dow Jones industrial average was up 294 points, or 1.8 per cent, to 16,409 as of 11:57 a.m. Eastern time Friday.
The Standard & Poor's 500 rose 32 points, or 1.8 per cent, to 1,895. The Nasdaq composite rose 70 points, or 1.7 per cent, to 4,287.
European markets also made big gains. France's CAC 40 and Germany's DAX each rose 3 per cent.
The price of oil rose 59 cents to $83.29 a barrel. It's still down 3 per cent for the week.
Bond prices fell. The yield on the 10-year Treasury note rose to 2.21 per cent.