Investing.com -- U.S. stocks rose broadly on Friday closing higher for their fourth consecutive week, as crude soared to its highest level on the calendar year and investors felt the ripple effects from the European Central Bank's decision to implement a wide range of easing measures in order to stimulate growth throughout the zone.
On Friday, U.S. crude futures hit their highest level since early-December after the Paris-based International Energy Agency (IEA) said in a monthly report that it expects Non-OPEC supply to decline by 750,000 in 2016, up from previous estimates of 600,000. Shortly thereafter, crude held onto the gains after Baker Hughes said the number of oil rigs in the U.S. last week fell by nine to 480, its lowest level on record. At session-highs, WTI crude hit $41.03 a barrel on Friday, its highest amount since December 3.
The Dow Jones Industrial Average surged 218.18 or 1.28% to 17,213.31, closing at near session-highs. At one point on Friday, the Dow reached its highest level since January 6. The NASDAQ Composite index gained 86.31 or 1.85% to 4,748.47, while the S&P 500 Composite index added 32.62 or 1.64% to 2,022.19. On the S&P 500, all 10 sectors closed in the green, as stocks in the Energy, Financials and Health Care industries led. In total, seven sectors closed at least 1% or higher in Friday's session. For the week, the S&P 500 rose by more than 1%.
The top performer on the Dow was Pfizer Inc (NYSE:PFE) (NYSE:PFE), which jumped 0.89 or 2.99% to 30.48 after the U.S. Food and Drug Administration (FDA) approved the expanded use of Xalkori, the company's drug developed to treat lung cancer. The drug is being marketed to treat non-small cell lung cancer for patients with ROS1 gene mutations. The worst performer was Wal-Mart Stores Inc (NYSE:WMT), which lost 0.33 or 0.49% to 67.08. Wal-Mart (NYSE:WMT) finished just below Procter & Gamble Company (NYSE:PG), which fell 0.37 or 0.45% to 81.91, after its chief rival Colgate-Palmolive Company (NYSE:CL) increased its quarterly dividend by 3% to 0.39.
The biggest gainer on the NASDAQ was Biomarin Pharmaceutical Inc (NASDAQ:BMRN), which added 4.55 or 5.44% to 88.15. The worst performer was Mattel Inc (NASDAQ:MAT), which lost 0.60 or 1.77% to 33.03. Despite the mild losses, shares in the toy giant are up nearly 30% over the last year as sales among its iconic Barbie line have recovered in recent months.
The top performer on the S&P 500 was Devon Energy Corporation (NYSE:DVN), which gained 2.36 or 10.50% to 24.84. As oil prices have fallen precipitously over the last year, shares in Devon Energy (NYSE:DVN) have tumbled more than 63%. The worst performer was PEPCO Holdings Inc (NYSE:POM), which lost 1.83 or 7.55% to 22.42. It came after the people's council for the District of Columbia rejected the latest merger between Exelon (NYSE:EXC) and Pepco, the public utility supplying electric power to the city of Washington D.C.
On the New York Stock Exchange, advancing issues outnumbered declining ones by a 2,652-488 margin.