U.S. Stocks Post First Positive Week of the Year

U.S. stocks closed higher Friday, marking the first positive week in 2016, thanks to a recovery in oil prices, CNBC reported.

The Standard & Poor’s 500 closed higher, with gains from energy leading all sectors higher. Meanwhile, the Dow Jones industrial average closed about 210 points higher. The Dow gained more than 250 points earlier.

Oil closed just above $33 a barrel after hitting multiyear lows this week. 

"I think it's all about oil today," said Chris Gaffney, president at EverBank World Markets. "We were able to continue a rally in oil or at least have oil stop falling and come back up a bit. That's got equity investors dipping their toes in the market again.”

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