The Dow Jones Industrial Average,S&P 500 and Nasdaq ended sharply higher, erasing losses for the week.

The Dow jumped 217.29 points, or 1.69 percent, to close at 13096.17, while the S&P 500 surged 25.99 points, or 1.90 percent, to end at 1390.99. The Nasdaq gained 58.13 points, or 2 percent, to finish the week at 2967.90.

For the week, the Dow rose 0.17 percent, the S&P added 0.36 percent and the Nasdaq advanced 0.33 percent.

Hewlett-Packard led the blue-chip gainers, while Verizon underperformed.

Financials, energy and industrials were the best performing S&P sectors.

U.S. oil futures topped $91 a barrel for the first time in two weeks, surging over 4 percent to post the biggest one-day gain for oil prices since June 29.

The CBOE Volatility Index, widely considered the best gauge of fear in the market, ended below 16.

Several stocks hit multi-year highs, including Kraft, Gap, Target, Monsanto, Comcast, Cintas and CBS.