NEW YORK (TheStreet) -- Stocks were moving higher on Friday as oil prices rebounded and consumer sentiment jumped. Stocks rose despite the reverberations still being felt by Switzerland's surprise decision a day earlier to abandon its currency cap.

The S&P 500 was up 0.60%, the Dow Jones Industrial Average rose 0.41%, and the Nasdaq rose 0.59%.

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Crude oil prices rose Friday with West Texas Intermediate crude up 3% to $47.64 a barrel. Prices remain down around 60% since a mid-summer peak last year. Since then, the commodity has been in freefall. The International Energy Agency said Friday that the market could fall further before it recovered. Still, there were already signs that lower prices meant production was being curbed in some areas, including North America.

U.S. consumer prices for December fell 0.4%, as expected, following a 0.3% decrease a month earlier. December's CPI figure was the biggest drop since December 2008, following the plunge in gasoline prices. Core CPI, which excludes gas and food, was unchanged at 0.1%. For the year, consumer prices rose 0.8%.

Industrial production figures for December declined 0.1%, in line with estimates. The preliminary reading for the University of Michigan Consumer Sentiment for January jumped to 98.2, the highest reading in nearly eight years, up from a final December reading of 93.6.

European markets were higher after trading mixed earlier in the session. 

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In corporate news, Goldman Sachs (GS) - Get Report shares slipped 0.95% to $176.80 after the investment bank giant said reported lower fourth-quarter earnings and revenue. Goldman reported fourth-quarter net income of $2.17 billion, or $4.38 a share, beating expectations of $4.32 a share, but down from the $4.60 a share it reported in the year-earlier quarter.

Revenue of $7.69 billion came in slightly ahead of expectations of $7.64 billion for the three months ended Dec. 31, yet down from last year's quarterly revenue of $8.38 billion. Goldman said revenue from investment banking revenue tumbled 16% in the quarter to $1.44 billion.

Shares of the currency brokers took a hit on Friday as a result of the news from Switzerland. FXCM (FXCM)   plummeted 45% to $6.97 after being halted at the start of trading. Bloomberg reported the foreign exchange broker is in talks with Jefferies for a $200 million rescue. Interactive Brokers (IBKR) - Get Report slid 4.5% to $27 after the broker said that "due to the sudden move in the value of the Swiss Franc" on Thursday, several customers "suffered losses in excess of their deposit with us." Interactive Brokers said the debit was approximately $120 million, or less than 2.5% of its net worth.

Elsewhere, Intel (INTC) - Get Report shares were up 0.47% to $36.36. The chipmaker's fourth-quarter earnings beat expectations, thanks to strong results from its Data Center Group, but first-quarter guidance was below estimates.

BP (BP) - Get Report shares were surging 4.9% to $37.48 after the U.S. government capped its maximum fine for the 2010 Gulf of Mexico oil spill to $13.7 billion.

- Written by Laurie Kulikowski in New York.

Follow @LKulikowski