U.S. stocks rose Friday, putting the market into positive territory for the second straight week. Energy companies including Chevron, Halliburton and Schlumberger led the climb, boosted by increased expectations for global oil demand.

The Dow Jones Industrial Average advanced 47.53 points, or 0.46%, to 10462.77, its highest close since Aug. 10.

For the week, the measure eked out a gain of 0.14%, its second straight week in the black. The increase helped the Dow erase its declines for the year.

It is now up 0.33% for 2010. Chevron was the Dow's best performer Friday, up 1.46, or 1.9%, to 78.82, after the International Energy Agency revised slightly higher its estimate for global oil demand for 2010.

The Nasdaq Composite edged up 6.28, or 0.28%, to 2242.48. It climbed 0.39% this week but is still off for 2010 with a decline of 1.18%. The Standard & Poor's 500 index rose 5.37, or 0.49%, to 1109.55, putting its weekly gain at 0.46% although it is down 0.5% for the year.

The energy sector led the S&P 500's Friday gains, with Halliburton up 66 cents, or 2.2%, at 30.88, and Schlumberger up 78 cents, or 1.3%, at 59.31.

However, the utilities sector fell, weighed down by a drop of 4.03, or 8.4%, to 44.21, in PG&E, following an explosion in San Francisco involving a natural gas pipeline owned and operated by the California utility.

Friday's climb across the rest of the market came as data showed bigger than expected Chinese imports and a larger than forecast increase in inventories at U.S. wholesalers. The reports followed other economic releases over the past two weeks that have beat expectations.

European market

European stock markets ended the week on a subdued note Friday, with Deutsche Bank falling sharply on a report that the firm is planning to sell new shares and as Nokia gained after it appointed a new chief executive.

The pan-European Stoxx Europe 600 index slipped 0.2% to 264.70, paring gains for the week to 1.7%.

The U.K. FTSE 100 index closed up 0.1% at 5,501.64 and the French CAC 40 index gained 0.1% to 3,725.82, while the German DAX 30 index lost 0.1% to 6,214.77.

Shares in Deutsche Bank were among the worst performers, dropping 4.6% in Frankfurt after reports that the group could raise as much as EUR9 billion by selling shares.

A few other European banks lost ground as the Deutsche Bank report re-ignited broader worries about the likely impact of tougher capital rules that are currently being finalized by international regulators.

Shares in Commerzbank dropped 2.5% in Frankfurt and Credit Suisse slipped 0.8% in Zurich. Shares of Bank of Scotland, however, bucked the trend, rising 0.8% in London after the stock was upgraded to buy at Citigroup.

Asian market

Asian stock markets ended higher Friday as investor confidence rose on data that showed China's domestic demand is holding up even as Beijing continues its campaign to cool the economy.

Japan's Nikkei Share Average jumped 1.6%, South Korea's Kospi Composite added 1.0%, Hong Kong's Hang Seng Index edged up 0.4%, while China's Shanghai Composite added 0.3% and Taiwan's Taiex gained 0.7%. China's August imports were up 35.2% year on year to $119.27 billion, against a 25% increase expected by economists surveyed by Dow Jones Newswires.

Exports climbed 34.4% to $139.3 billion, against an expected 35% increase. Japanese stocks rose as investors looked positive upon signs of increased Chinese demand for goods.

Among exporters, Honda Motor added 0.3% and Sony rose 1.7%, while Fast Retailing jumped 5.6% on hopes for increased online sales in China. Tokyo stocks were also benefiting from the yen's drop against the U.S. dollar.

The dollar traded above Y84.00 after the government Friday announced a Y915 billion stimulus package aimed at dealing with domestic deflation and the surging yen.

Base metals and commodities

Base metals closed lower on the London Metal Exchange Friday as concerns of a possibile interest rate rise in China and ongoing anxiety over a potential probe into trading in the rubber market kept cautious investors sidelined.

Beijing's decision to advance the release of key August inflation data to Saturday from Monday has fueled speculation the country's central bank may be preparing to raise interest rates.

A higher benchmark interest rate, or other forms of monetary tightening, may reduce demand for industrial metals from sectors such as manufacturing and construction.

Robust trade data Friday also from China, the world's top metals consumer wasn't enough to pull the metals back into positive territory.

The latest figures showed imports of copper, copper alloy and semifinished products rose to 379,527 metric tons in August, up 11% from the previous month and 17% higher than a year earlier.

Crude futures settled above $76 a barrel Friday for the first time since mid August, after a pipeline leak in Illinois rattled traders worried about its effect on supplies.

Canadian pipeline operator Enbridge Inc. (ENB) reported late Thursday the shutdown of its 6A pipeline, which has the capacity to carry 670,000 barrels a day.

The leak was the second since July for Enbridge's aging Lakehead pipeline system, a key artery that ships an estimated 70% of the oil that flows into the U.S. from its northern neighbor. Light, sweet crude for October delivery settled up $2.20, or 3%, at $76.45 a barrel on the New York Mercantile Exchange.

Brent crude on the ICE futures exchange settled 69 cents higher at $78.16 a barrel. Gold futures retreated farther from record levels as investors' desire for the perceived safety of the metal continued to wane, trumping optimism that the International Monetary Fund found a buyer for more than $400 million of the shiny commodity.

The most actively traded gold contract, for December delivery, fell $4.40, or 0.4%, to settle at $1,246.50 an ounce on the Comex division of the New York Mercantile Exchange.