The major averages rose for a fourth day for its biggest weekly gain in more than a year. The Dow Jones Industrial Average rose 274 points, or 0.8%, for the fifth day in a row to 34,755. The S&P 500 gained 1.1% to reach 4,463 while the Nasdaq Composite added 279 points or 2.05%, ending at 13,893. All of the major averages finished their best week since November 2020.

Stocks are coming off a massive three-day surge that set the S&P 500 up to top their weekly gains. The Dow ended the week 5.4% higher, the broad market index finished the week up 5.5% and the tech-heavy Nasdaq Composite advanced 8.1%.

Investors continued to digest news from the Federal Reserve earlier this week, as well as a rise in Covid cases in Europe stemming from an emerging subvariant and the ongoing war between Russia and Ukraine.

President Joe Biden spoke with Chinese President Xi Jinping on Friday to discuss Russia's invasion of Ukraine and Xi told Biden that the United States and China each had an obligation to promote peace. Russia has made requests for military or economic aid from China and the call was seen as a critical test of whether Biden can convince China to stay on the sidelines of the conflict.

Several missiles hit an aircraft repair center on the outskirts Lviv in western Ukraine. Meanwhile, President Joe Biden is slated to speak with Chinese President Xi Jinping to discuss the conflict. A Ukrainian official also said one person was killed in an airstrike that hit Kyiv. (Click here for live updates.)

Russia on Thursday reportedly made a $117 million bond payment in dollars, thereby avoiding what would be a historic foreign currency debt default. Stocks extended their gains following the report. Bloomberg reported Friday that clearing houses in Europe and the U.S. have processed the payment.

Investors were also assessing their own risk appetite. Despite the week's big gains, they didn't come without their share of volatility, which has showed no signs of tempering anytime soon.

On Friday tech stocks led the market higher. Salesforce and Apple were among the top gainers in the Dow, rising 3.9% and 2%, respectively. Nvidia climbed %, Twitter gained 3.9% and Paycom and Fortinet each advanced 3%.

Shares of Moderna rose 4.4% as the company seeks FDA approval for a second Covid-19 booster shot for adults 18 years or older.

Boeing gained more than 1% after Reuters reported the company is in talks with Delta for a landmark deal.

Traders are also still digesting the latest Federal Reserve update from earlier this week. The central bank signaled it expects to raise rates at its remaining six meetings this year. The Fed also raised rates for the first time since 2018 on Wednesday.

On Friday, Fed Governor Christopher Waller told CNBC's "Squawk Box" the central bank may need to enact at least one more interest rate hike this year of at 50 basis points or more in order to tame "raging" inflation.