Stocks Ended Sharply Higher, Posted Weekly Advance

U.S. stocks closed sharply higher on Friday, as the Federal Reserve eased concerns about the path of interest rate hikes this year. The Dow Jones Industrial Average rose 347.51 points, or 1.39%, to 25,309.99. The S&P 500 gained 43.34 points, or 1.60%, to 2,747.30. The Nasdaq Composite added 127.31 points, or 1.77%, to 7,337.39. All three posted a second straight weekly advance; the Dow rose 0.4% over the week while the S&P added 0.6% and the Nasdaq rose 1.4%.

Oil futures held on to gains Friday after data showed producers added one additional rig this week, leaving crude to notch its second consecutive weekly gain as it continues to claw back ground lost in a selloff earlier this month. West Texas Intermediate crude oil for April delivery rose 78 cents, or 1.2%, to settle at $63.55 a barrel. For the week, it rose 3.3%. Brent crude rose 92 cents, or 1.4%, to close at $67.31 a barrel, for a weekly gain of 3.8%.