· The Dow .DJI rose 187.08 points, or 0.8 percent, to 23,458.36, the S&P 500 .SPX gained 21.02 points, or 0.82 percent, to 2,585.64 and the Nasdaq Composite .IXIC added 87.08 points, or 1.3 percent, to 6,793.29.

Wall Street’s main indexes rose sharply on Thursday boosted by earnings-related gains in Wal-Mart and Cisco, while a tax bill expected to boost corporate earnings passed its first, if smallest, hurdle.

· The U.S. House of Representatives voted largely along party lines to pass a tax overhaul expected to be a boost to stock prices if it becomes law, but the legislative battle now shifts to the Senate, where the Republican majority is much slimmer.

Republicans can lose no more than two Senate votes and at least two GOP senators have already spoken against the Senate version of the bill.

· The CBOE Volatility index .VIX, the cost of protection against a sudden drop on the S&P 500, posted its first decline in six days. It dropped 1.4 points to end at11.76.

· Asian shares rose on Friday as strong U.S. earnings and a step forward in the U.S. Congress on tax reform brightened the mood, even though investors noted that many more hurdles must be passed to reach a final deal on tax cuts.

· MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS rose 0.1 percent while Japan's Nikkei .N225 gained 0.9 percent, extending its recovery from a near three-week intraday low hit the previous day.

Reference: Reuters, CNBC