NEW YORK (TheStreet) -- Stocks rocketed higher on Friday, buoyed by a weaker dollar which boosted oil prices as well as prospects for multinational companies. 

The S&P 500 was up 1.2% on Friday, 6 points from its all-time high, while the Dow Jones Industrial Average added 1.3%, less than 100 points from its record. The Nasdaq climbed 0.9%.

"[There's been] a lot of discussion about currency and what that means for earnings, what it means around the globe for growth, and for us on our tightening path," said Federated Investors senior equity strategist, Linda Duessel, in a call. "Investors are thinking the dollar is doing the Fed's own tightening."

The euro strengthened against the U.S. dollar on signs of progress in Greece's debt talks with the European Union. Following a meeting, Prime Minister Alexis Tsipras agreed to hasten the details of his reform plans in exchange for bailout funds.

In response, the U.S. dollar slid further from 12-year highs. The greenback was down 1.5% against the euro, 1.3% against the British pound, 1.7% against the Aussie dollar, and 1.4% against the Swiss franc. 

A stronger dollar has hit the profitability of numerous multinational companies recently. On Friday, Dow component Nike (NKE) - Get Report reported sales weakened by foreign exchange headwinds, though shares jumped 4.3% as results beat expectations. 

Likewise, Tiffany (TIF) - Get Report suffered foreign exchange challenges in its recent quarter, reporting earnings of $1.47 a share, below estimates of $1.51. Net sales increased 3% on a constant-currency basis.

"Our expectation that the dollar will remain underpinned by the relative stance of monetary policy in the U.S. and elsewhere is a key reason why we forecast the S&P 500 to struggle to make further headway this year," said Capital Economics' John Higgins. "Admittedly, the rally in the dollar may not have a lot further to run. But unless the U.S. currency subsequently weakens substantially, the earnings of U.S. [multinationals'] foreign affiliates will not rebound quickly."

The price for West Texas Intermediate crude, which is denominated in U.S. dollars, was pushed higher as demand for domestic crude was seen to increase as it becomes relatively cheaper. Crude jumped 4% to $45.72 a barrel. Also boosting the commodity, traders were re-positioning their portfolios ahead of the expiry of futures for April delivery.

"The petroleum markets have turned higher, with optimism over a Greek reform pledge helping support the euro vs. the dollar, and an apparent April WTI contract expiration mini-squeeze as a further support," said Citi analyst Tim Evans. "We'd say it's unclear if either of these supports will carry over into Monday's trade ... Today's strength is paper market tightness, unrelated to the physical market."

With no economic data due out Friday, trading could be more volatile than usual given it is a quadruple-witching session, one of four days of the year in which futures and options contracts expire at once.

Facebook (FB) - Get Report shares touched an all-time high of $84.50 earlier in the day but retreated somewhat by midafternoon. Shares were 1.5% higher after TechCrunch reported the company might expand its Messenger platform to third-party developers, a potential new revenue stream.

Biogen (BIIB) - Get Report was the best performer on the S&P 500, adding 9.7% after detailing the latest developments of its experimental drug for Alzheimer's disease at a conference in France. Clinical tests for the drug showed improved cognition in patients.

KB Home (KBH) - Get Report climbed more than 8% after reporting earnings of 8 cents a share in its first quarter, quadruple analysts' estimates. Revenue rose to $580.1 million from $450.7 million and beat forecasts by more than $100 million. 

Darden Restaurants (DRI) - Get Report jumped 3.1% as third-quarter earnings of 99 cents a share beat by 15 cents and sales surged nearly 7%. The restaurant chain said comparable-restaurant sales climbed 3.2% on stronger pricing and increased traffic.