At the close of U.S. trading, the Dow Jones Industrial Average finished up 0.18%, the S&P 500 index rose 0.65%, while the Nasdaq Composite index rose 1.32%.
Stock price rose on expectations that the Fed may delay plans to taper its stimulus program until early 2014.
The Fed is currently buying USD85 billion in Treasury holdings and mortgage debt a month to boost the economy, a monetary policy tool known as quantitative easing that drives down interest rates to spur recovery, boosting stocks in the process.
Prior to the D.C. deadlock, markets were expecting the Fed to begin tapering the pace of its asset purchases in late October or early December, though many investors have pushed back estimates for a start date to early 2014, possibly after current Fed Chair Ben Bernanke steps down on Jan. 31.
Separately, investors went long on risk-on asset classes after official data showed that China's gross domestic product grew by 7.8% in the third quarter, in line with expectations and up from 7.5% in the three months to June.
The data eased concerns over the strength of the recovery in the world's second-largest economy.
Elsewhere, Internet bellwether Google saw its stock move above USD1,000 per share in Friday trading due to better-than-expected earnings.
General Electric, restaurant chain Chipotle Mexican Grill and Morgan Stanley released earnings that drew applause on Wall Street as well.
Leading Dow Jones Industrial Average performers included General Electric, up 3.65%, Verizon, up 2.25%, and Nike, up 1.82%.
The Dow Jones Industrial Average's worst performers included UnitedHealth, down 3.70%, Home Depot down 1.39%, and Merck, down 1.08%.
European indices, meanwhile, finished higher.
After the close of European trade, the EURO STOXX 50 rose 0.56%, France's CAC 40 rose 1.09%, while Germany's DAX 30 rose 0.60%. Meanwhile, in the U.K. the FTSE 100 finished up 0.71%.
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