The Dow Jones Industrial Average closed in positive territory for 2016 after rising for the fifth straight session. Gains across the major indexes were aided by a rise in materials and industrials, as well as a surge in oil prices.
The blue-chip index surged 155.73 points, or 0.9%, to settle at 17,481.49, with General Electric Co up 2.6%, and Boeing Co up 2.5%, leading gains. According to CNBC, the Dow Jones closed 0.32% higher for the year so far.
The S&P 500 index, briefly turned positive for the year and closed up 13.37 points, or 0.7%, to settle at 2,040.59. MarketWatch reported that nine of its 10 main sectors ended the day higher, with the health care sector closing down. The best performing S&P 500 stock was FedEx Corp, which surged 12% following the company's report of stronger-than-expected earnings late on 16 March.
"Investors are encouraged by FedEx's earnings and outlook, and higher oil prices are helping energy companies, which a jump in gold is helping mining shares," explained Colin Cieszynski, senior market analyst at CMC Markets.
The Nasdaq Composite ended up 11.01 points, or 0.2%, settling at 4,774.99, in spite of declines in biotech stocks. CNBC reported Apple closed a bit lower and the iShares Nasdaq Biotechnology ETC (IBB) dropped 1.2%.
The dollar, which saw declines following the Federal Reserve's statement on 16 March, continue on a sharp decline. The ICE dollar index fell 1.3% to 94.67, the lowest it has closed since October. The euro hit $1.13, its highest since 11 February, while the yen hit 111.47 yen against the greenback.
Gold futures surged $35.20 (£24.31), or 2.9%, to settle at $1,265 an ounce. Treasury yields traded down, with the 2-year yield holding flat near 0.86% and the 10-year yield at 1.90%.
According to MarketWatch, several major European equity markets dropped sharply, however, the Stoxx Europe 600 index only dropped 0.1% In Asia, the Asia ADOW closed up and Japan's Nikkei 225 closed down.