The S&P/ASX 200 added 69 points, or 1.3 per cent, on Friday to close at 5279.7, or 4.5 per cent higher for the week. The broader All Ordinaries index gained 1.3 per cent on Friday and 4.3 per cent over the five sessions at 5309.2.

The release of US Federal Reserve meeting minutes early Friday morning boosted Wall Street and provided a solid lead for the start of local trade. Energy and mining stocks led the charge as iron ore surged 5.3 per cent to $US55.97 per tonne, while Brent crude lifted 3.6 per cent to $US53.18 per barrel - the first time crude oil has topped $US50 since July.

Among the blue-chips, BHP was up 2.4 per cent for the day and 13.3 per cent for the week to $25.60, while Rio Tinto was up 3.7 per cent for the day and 13.2 per cent for the week.

Among the smaller energy stocks, Beach Energy rocketed 15.1 per cent on the day and 32.6 per cent for the week to 61 cents, Santos soared 8.5 per cent for the day and 42.5 per cent for the week to $5.97. Woodside was up 2.6 per cent for the day and 10.4 per cent for the week and Origin Energy shot up 1.1 per cent for the day and 21.8 per cent for the week to $6.50.

Among the other miners, Fortescue Metals Group roared 23.9 per cent higher for the week after lifting 3.1 per cent on Friday, Independence Group lifted 8.6 per cent on the day and 21.5 per cent for the week, and Paladin gained 7.9 per cent for the day and 13.9 per cent for the week.

"The market is up almost 7 per cent in 7 days," said Credit Suisse analyst Damien Boey. "The rally started before (last Friday's) US payrolls number but it really continued in earnest after that.

"The thinking is the Federal Reserve is not going to raise rates at all in 2015. That sends the US dollar down, it takes a lot of the capital outflow stress off the emerging markets, and this allows countries like China to stimulate. Hence commodity stocks have actually led the gain.

"That seems to be the thinking. Whether or not that's right is another matter, but that's what investors are saying."

Even an underwhelming performance by China's Shanghai Composite Index, which reopened on Thursday after a week-long national holiday, did not deter buying. Thursday's 3 per cent gain was widely regarded as a disappointment and the index was up only a further 0.7 per cent in Friday afternoon trade.

On the other hand, Hong Kong's benchmark index, the Hang Seng, was on track on Friday to record its biggest weekly gain - 8.6 per cent - since April.

But analysts warned that quarterly earnings season, which hits its stride in the US next week, could well disturb the recent global rally. Alcoa missed its earnings target on Thursday and other companies could follow.

Perpetual head of investment markets research Matt Sherwood said this season would have a particularly notable influence on international markets, which have been beset by volatility.

"World markets are precipitously positioned after a very big sell down in August and September with only a little recovery in October that had no solid foundations behind it," Mr Sherwood said. "The recent market volatility makes this season one of the most key we'll see for a while."

In other market news, Telstra put on 0.7 per cent for the day and 0.3 per cent for the week to $5.64 after the competition regulator ordered the telecommunications giant to slash its wholesale network prices by 9.4 per cent in an effort to make phone and internet services cheaper.

Whereas the telco had wanted to increase wholesale prices by 7.2 per cent, on Friday the Australian Competition and Consumer Commission confirmed it would order Telstra to slash the price of access by 9.4 per cent.

Woolworths lifted 1.1 per cent on the day and 4.7 per cent for the week to $26.73 as outspoken analyst Bank of America Merrill Lynch analyst David Errington suggested a few changes for the retailer. More than $1 billion of working capital and $3 billion of capital could be released, and cash realisation could return to more than 110 per cent "if Woolworths were to exit home improvement and BIG W and revert to being a high-cash-generating supermarket operator," he said.