Energy leads Wall Street after Saudi protests fizzle

US stocks closed the week on a high note, on relief that unrest did not engulf top oil producer Saudi Arabia, calming some investors who worried the market was entering a near-term slide.

The Dow Jones industrial average rose 59.79 points, or 0.50 percent, at 12,044.40. The Standard & Poor's 500 Index climbed 9.17 points, or 0.71 percent, at 1,304.28. The Nasdaq Composite Index added 14.59 points, or 0.54 percent, at 2,715.61.

European share prices fell to their lowest close in two months after the Japanese earthquake, with the insurance sector hit the worst. Also adding to the worries were the continuing crisis in Libya and political tensions elsewhere in the Middle East as well as concerns about the euro zone as the bloc's leaders gathered for a weekend summit to address the debt crisis.

The pan-European FTSEurofirst 300 index of top shares provisionally closed down 0.8 percent at 1,122.53 points - its lowest close since December 31 2010, with volumes 104.6 percent of its 90-day average.

Asian shares dropped after the earthquake darkening an already bleak mood caused by weak economic data and unrest in Saudi Arabia.

The quake struck just before the close of Tokyo stock trading. Japan's Nikkei average closed at an intraday and five-week low, down 1.7 percent on the day to 10,254.43 points.