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Stocks at Session Highs as Energy Sector Picks Up Steam

Stocks in this article: ^DJI ^GSPC ^IXIC XLE APP IMGN TNK SLB KMI FINL CVX PETX BBRY KMX NKE RHT

NEW YORK (TheStreet) -- Stocks moved to session highs Friday in a heavy-volume quadruple-witching session following a two-day rally that was triggered by the Federal Reserve's promise to be "patient" in its approach to raising interest rates.

The S&P 500 was up 0.7%, the Dow Jones Industrial Average added 83 points, and the Nasdaq rose 0.58%.

STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.

Trading volume on domestic stock exchanges had exceeded the average 766 million shares traded over the previous four days. The high volume was due to Friday being a quadruple-witching session, one of four days of the year in which futures and options contracts expire at once.

Oil prices rebounded on Friday with West Texas Intermediate crude up 4.3% to $56.45 a barrel. Prices have been more volatile than usual over the past 24 hours after Saudi Arabia's oil minister, Ali al-Naimi, said OPEC wouldn't be able to stabilize oil prices alone lest it lose market share.

"It's just a reaction to perceptions that economic activity is not as weak as expected," said James Abate, CIO of Centre Funds, in a call. "It's silly to look into things from an intraday or day-to-day basis without looking at a longer trend and the trend is clearly down."

Energy shares were among the best performers of the market with the Energy Select Sector SPDR ETF (XLE) up 1.8%. Major oilers and oil services companies pulled the sector higher with Chevron (CVX) climbing 2.5%, Schlumberger (SLB) gaining 2.8%, and Kinder Morgan (KMI) jumping 2.7%.

Veterinary drug developer Aratana Therapeutics (PETX) announced that its canine osteoarthritis pain drug had performed better in drug trials than a placebo. Shares rocketed 20% higher.

American Apparel (APP) was reportedly approached by Irving Place Capital to discuss a possible takeover, according to The Wall Street Journal. Shares were up 9%, adding to an increase of more than 80% this week following the official termination of former CEO Dov Charney.

ImmunoGen (IMGN) plummeted more than 35% on news Roche's clinical trials for a breast cancer treatment had failed to significantly improve patients' conditions. The treatment had been developed based on ImmunoGen technology.

Teekay Tankers (TNK)  fell 13% after UBS downgraded the stock to "neutral" on valuation.

In earnings Friday, BlackBerry (BBRY) was diving 1.6% after revenue dropped by a third in its fiscal third quarter. Adjusted earnings of a penny beat expectations for a loss of 5 cents a share.

CarMax (KMX) added 10% as third-quarter profit beat forecasts and revenue jumped 16%. Finish Line (FINL) tumbled 18% as 2015 profit guidance of $1.67 a share missed consensus by 11 cents.

Nike (NKE) , though it beat quarterly earnings forecasts, caused concern when it reported the slowest growth rate of future orders in four quarters. Shares were 1.8% lower.

Red Hat (RHT) spiked more than 10% as third-quarter revenue jumped 15% and the company provided positive guidance for its fourth quarter.

STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.

--Written by Keris Alison Lahiff in New York.

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