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%.
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%.