The banking sector was in the spotlight throughout the session after a fresh $20 billion government capital injection for Bank of America revived worries about the fate of the sector.
The Dow Jones industrial average <.DJI> rose 68.73 points, or 0.84 percent, to 8,281.22. The Standard & Poor's 500 Index <.SPX> gained 6.38 points, or 0.76 percent, to 850.12. The Nasdaq Composite Index <.IXIC> was up 17.49 points, or 1.16
percent, at 1,529.33.
Markets will be closed on Monday for the Martin Luther King Jr. Day holiday, a day before the inauguration of President-elect Barack Obama.
NYMEX-NEW YORK, Jan 16 (Reuters) - U.S. crude futures ended higher in volatile trading on Friday as traders covered short positions before the February contract expires on Tuesday.
Prices rose ahead of the long holiday weekend. Floor trading will be closed on Monday, the Martin Luther King holiday, though electronic trading will proceed as usual.
On the New York Mercantile Exchange, February crude
CBOT-SOYBEANS - March
Persistent hot and dry weather in Argentina that is stressing the soy and corn crops boosted prices in addition to continued active export sales of U.S. soy, especially to China, the world's largest soybean buyer.
CBOT-SOYOIL - March
Spillover support from soaring soy amid drought in Argentina, the world's largest soyoil exporter.
FCPO-KUALA LUMPUR, Jan 16 (Reuters) - Malaysian crude palm oil futures rose 1.6 percent on Friday as fears of lower South American soyoil production gripped vegetable oil markets, although sharp overnight falls in crude curbed gains.
The benchmark April contract
Other traded months ranged between a 39 ringgit rise and a 53 ringgit drop <0#KPO:>. Overall trade stood at 12,644 lots of 25 tonnes each.
REGIONAL EQUITIES-A rise in Wall Street stock futures after Washington pumped $20 billion into Bank of America
Singapore's Straits Times index <.FTSTI> gained 1.6 percent, recovering from a 3.4 percent fall on Thursday, with DBS Group
In Kuala Lumpur, the index <.KLSE> slid 0.11 percent, extending losses into a fourth day ahead of a key by-election at the weekend.