Banks lead S&P 500 to seventh week of gains

The S&P 500 ended a seventh straight week of gains with a banks-led rally amid healthy volume after encouraging financial results from JPMorgan.

The Dow Jones industrial average added 55.48 points, or 0.47 percent, to 11,787.38. The Standard & Poor's 500 rose 9.48 points, or 0.74 percent, to 1,293.24. The Nasdaq Composite gained 20.01 points, or 0.73 percent, to 2,755.30.

European shares ended lower after a fresh tightening in Chinese monetary policy hit investor risk appetite, although more positive US economic and earnings data had helped pare losses by the close.

The FTSEurofirst 300 index ended down 0.1 percent at 1,156.13 points, having been as low as 1,145.05, but remained up 1 percent on the week thanks in large part to Wednesday's surge to a 28-month high.

Japan's Nikkei stock average fell 0.9 percent and away from 8-month highs, after a surprisingly weak settlement of options for January and a stronger yen against the dollar triggered profit-taking.