US close: Markets ascend as post-Fed rally continues and crude futures rise

US stocks advanced on Friday in a continuation of this week’s post-Fed boost and after a day with little in the way of economic data.

The Dow Jones Industrials rose 0.15% to 17,804.80 while the S&P 500 increased 0.46% to 2,070.65 and Nasdaq soared 0.33% to 4,281.78.

US markets are still reacting to the Federal Reserve’s decision to slightly soften the language that it will be a “considerable time” before rates are raised from near-zero in Wednesday’s FOMC.

“Signs of dissent from Fed member Kocherlakota signal that not all is well on the committee, which has stymied the run towards 18,000, but overall the new week should see the usual low volume push higher that is characteristic of the final sessions before Christmas,” said IG market analyst Chris Beauchamp.

Oil prices continued to climb, with crude futures rebounding slightly after weeks on the decline after OPEC announced it will not be slashing its production.

Beauchamp added that “it remains to be seen whether we are seeing a turnaround rather than just a dead cat bounce into the New Year as traders begin to wind down positions heading into the years end”.

West Texas Intermediate crude futures soared 6.5% to $58.16 while Brent crude futures increased 4.95% to $62.36.

Meanwhile, the dollar advanced against the pound, the euro and the yen on Friday while 10-year US Treasury yields fell five basis points to 2.16%.

Over on COMEX, gold futures inched up 0.09% to $1,195.9 per ounce.

In corporate news, Coca-cola slipped 1.04% to 41.95 after a tumultuous week of trading.

Intel also dropped 1.76% to $36.37 and Wal-Mart fell 0.91% to $85.16 in a troubled day for retail after Canadian consumer prices came in 0.2% below consensus expectations.