Stocks climbed on Friday, on track for their fifth straight week of gains, as crude oil extended its 2016 records on hopes of a production freeze.

The S&P 500 was up 0.38%, turning positive for 2016. The benchmark index fell into correction in mid-January but has since recovered having fallen just 4% from its 52-week high. The Dow Jones Industrial Average added 0.44%, and the Nasdaq climbed 0.24%. 

A two-day rally pushed the Dow to wipe out its year-to-date losses. Wall Street's gains have been driven by a rally in crude oil prices that boosted energy stocks as well as residual goodwill following a dovish Federal Reserve meeting that ended Wednesday.

Crude oil extended recent highs after closing above above $40 for the first time this year on Thursday. The commodity has been on a tear on hopes members of the Organization of Petroleum Exporting Countries can agree on a production freeze when they meet in April. West Texas Intermediate crude oil jumped 1.9% to $40.95 a barrel on Friday.

"Crude oil is on the rise for a third straight session and on track for a fourth consecutive weekly gain on hopes key producers will agree to limit output and ease the global oversupply," Joseph George, commodity analyst at Schneider Electric, wrote in a note. "A meeting between Saudi Arabia and Russia is set for April 17 in Qatar to discuss the possibility of freezing production at January levels."

The U.S. consumer feels less sure of the economy, according to the latest read from the University of Michigan. A read on consumer sentiment fell to 90 in March, down from 91.7 in February. Consumer confidence declined on expectations gas prices would rise this year and general economic conditions would deteriorate. 

Starwood Hotels (HOT) climbed 2% after reaching a deal to be acquired by Chinese company Anbang for $78 a share. Marriott(MAR) - Get Report , which had previously made a play for Starwood, has five days to respond to Anbang's offer. Marriott and Starwood had agreed to a $12.2 billion deal late last year.

TransCanada(TRP) - Get Report fell 5% after agreeing to buy Columbia Pipeline Group (CPGX) for nearly $10 billion. The move boosts TransCanada's presence in the U.S., increasing its total coverage to around 57,000 miles of pipeline in North America. The deal is expected to close during the second half of the year.

Adobe(ADBE) - Get Report jumped 6.4% after quarterly earnings surpassed estimates on the back of strong growth in cloud computing services. The tech company earned an adjusted 66 cents a share in its recent quarter, a nickel above estimates, while revenue of $1.38 billion breezed past forecasts. The company also boosted full-year earnings guidance to $2.80 a share, up 10 cents from a previous target.

Aeropostale (ARO) plummeted more than 40% after broaching the possibility of a sale. The teen retailer reported another quarterly loss, while sales slumped 16% over its holiday season. Aeropostale has suffered three straight years of losses.

Tiffany(TIF) - Get Report added more than 2% after beating quarterly estimates, though warned of a likely first-quarter disappointment. The jewelry retailer anticipates a 15% to 20% decline in earnings in its first quarter, far sharper than an estimated 6% drop. The company said worldwide same-store sales fell 9% in its first quarter, driven by weakness in Europe.

Casino stocks jumped after Macquarie Research upgraded the sector to neutral on the basis that revenue declines in key gambling destination Macau are beginning to slow. Analysts predict Macau casino revenue will decline 6% this year, more than half the decline initially forecast. Melco Crown (MPEL) , Wynn Resorts(WYNN) - Get Report , MGM Resorts(MGM) - Get Report  and Las Vegas Sands(LVS) - Get Report climbed. 

JPMorgan(JPM) - Get Report added more than 2% after boosting its stock buyback program by $1.88 billion. The bank approved a $6.4 billion repurchase program last year, which can buy back nearly 1% of its shares at current value.