NYSE (Photo : REUTERS/Lucas Jackson )
NYSE stocks rebounded from previous session's losses on Friday as oil prices went up. NASDAQ went past 5,000-mark. Both Dow Jones Industrial Average and the S&P 500 climbed 0.9%.
The NYSE saw strong earnings from the Darden Restaurants and the sportswear market-leader Nike.
The Nasdaq Composite (RIXF) went ahead 0.7 percent on Friday and the weekly gains stood around 3.2 percent while it finished at 5,026.42.
The Dow Jones Industrial Average (DJIA) went 168.62 points up and the weekly movement ended at 2.1 percent up as it closed at 18,127.65.
Meanwhile, The S&P 500 (SPX) climbed a wholesome 18.83 points to close at 2,108.10. The weekly gains for the benchmark stood at 2.7 percent.
Katie Stockton, chief technical strategist at BTIG, said that stocks "are resuming their uptrend today," and she expects "a new all-time high in the near term" for the S&P 500.
Apparently, the Feds chairwoman, Janet Yellen was the unspoken star for Friday's market performance. The markets' movements have been affected by the Feds decision to increase the interest rates more slowly than what had been announced before
"The trepidation in the market before the Fed announcement has disappeared," said Kristina Hooper, an investment strategist at Allianz Global Investments.
Darden said its shares rose $1.88, or 3 percent, to $66.75. Nike beat expectations, staying among the biggest gainers on the Dow and rising $3.66, or 3.7 percent, to $101.98.
Credit Suisse upped S&P 500 target by 20 points to 2,170. Credit Suisse economists said that Wednesday's Fed commentary was dovish, but still expected a rate hike in June, according to Morningstar.
However, the rising dollar was the Achilles heel. The value of dollar was up more than eight percent against other major currencies, which made goods costly out of the US and impacted sales, The New York Times reported.
The latest example of ill effects of dollar's rise was the jewelry maker Tiffany, the shares of which fell $3.44, or 4 percent, to $82.93. This happened after Tiffany cut its yearly profit forecast.
Along with Tiffany, the other big slump in the S&P 500 included Macerich Co., which dropped 4.6 percent. KB Home climbed 8.4% after reporting a 29% rise in quarterly revenue.
The overall sentiment in the markets was positive, though.
