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Following steep losses and massive intraday swings over the past five days the U.S. stock market is wrapping up the week on a relative high note, with the main benchmarks registering more than 1% gains on Friday. Earlier in the week, investors exhibited panicky selling behavior as concerns over global growth, volatility in oil and the dollar, as well as fear of the spread of Ebola converged.

On Friday, stocks got a boost from upbeat earnings reports from heavyweights, such as General Electric, Honeywell and Morgan Stanley. Those cheery earnings reports may be just what the markets need.

The S&P 500 (SPX) gained 30 points, or 1.6%, to 1,892.82.46, led by gains in industrials and energy sectors. The Dow Jones Industrial Average (DJI) jumped 300 points, or 1.7%, to 16,410.67.

To be sure. those benchmarks are still poised to finish the week lower after a withering week of trading action.

Meanwhile, the Nasdaq Composite (RIXF) rose 63 points, or 1.5%, to 4,263.97 and was on track to finish the week with a modest gain.

The Russell 2000 rose 5 points, or 0.4% to 1,091 and was underperforming its large-cap counterpart on Friday, but over the week it outperformed the S&P 500. Indeed, the small-cap index was on track for a 3.6% weekly gain.

J.C. Parets, founder and president of Eagle Bay Capital, warns not to be fooled by the snapback, asserting that carnage the equities markets experienced isn’t nearly over. “We get the most vicious rallies during market declines,” he cautions in an interview.

Thursday’s sharp gains came after a choppy session on Wall Street on Thursday, when the benchmarks fell around 1% at the open. However, they recovered throughout the day, helped by comments from President of the St. Louis Federal Reserve James Bullard, who raised the possibility of extending bond purchases. Bullard isn’t a voting member this year of the rate-setting Federal Open Market Committee.

Boston Fed President Eric Rosengren told CNBC on Friday he does not expect the U.S. economy to need another round of quantitative easing, but added that he would not rule out that possibility.

Earnings: Several heavyweights reported results ahead of the opening bell. General Electric Co. (GE) shares rose 3.3% after third-quarter earnings topped market expectations.

Defense contractor Honeywell International Inc. (HON) lifted its low end of its 2014 per-share outlook, after third-quarter earnings beat expectations, sending the shares 4% higher.

Morgan Stanley (MS) gained 2.6% after the bank reported third-quarter earnings that topped forecasts.

Movers and shakers: Urban Outfitters Inc. (URBN) slid 13% after the retailer late Thursday warned weaker sales trends first reported in September are continuing.

Google Inc. (GOOGL) (GOOG) shares fell 1.4% after the Internet giant late Thursday reported third-quarter below forecasts. Revenue rose to $16.52 billion from $13.75 billion.

SanDisk Corp. (SNDK) slumped 2.5%, after the memory-chip maker on Thursday reported a drop in profit.

(Read more about the day’s notable stocks in Movers & Shakers column:

Data:Construction started on new U.S. homes rose 6.3% in September, bouncing up after a sizable August drop, led by growth for volatile apartment building, according to government data released Friday.

Also Friday, markets will get a fresh reading on consumer sentiment, which will be released at 9:55 a.m.

Other markets: European markets rebounded after the recent market slide, with the Stoxx Europe 600 index up for the first time in nine sessions.

Asian stocks closed mixed, with Japan’s Nikkei 225 down 1.4%.

Oil markets took a breather on Friday after crude futures touched below $80 a barrel for the first time since June 2012 on Thursday. Metals were mixed, while the dollar fell against most major currencies