U.S. stocks open higher amid rising oil prices, Fed statement

U.S. stocks opened higher on Friday, extending a recent rally, as U.S. Federal Reserve's decision and rising oil prices continued to drive the stock market.

Traders still assessed the U.S. Federal Reserve's policy announcement and oil recovery. Oil prices continued to rise Friday, with U.S. oil trading more than 2 percent higher.

The Fed kept its benchmark short-term interest rates unchanged earlier this week as widely expected, noting that "global economic and financial developments continue to pose risks" to the U.S. economy.

The Fed's updated projections showed that policymakers expected the federal funds rate to rise to around 0.9 percent at the end of 2016, implying two quarter-percentage-point rate increases this year, down from four estimated in December.

Shortly after the opening bell, the Dow Jones Industrial Average rose 54.55 points, or 0.31 percent, to 17,536.04. The S&P 500 gained 5.73 points, or 0.28 percent, to 2,046.32. The Nasdaq Composite Index was up 13.37 points, or 0.28 percent, to 4,788.35.

U.S. stocks ticked up Thursday, as investors assessed the U.S. Federal Reserve's policy announcement as well as oil recovery. The Dow Jones Industrial Average closed in positive territory for 2016. Endi