U.S. stocks jump amid rising oil, Fed statement

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

By noon, the Dow Jones Industrial Average rose 103.09 points, or 0.59 percent, to 17,584.58. The S&P 500 gained 9.11 points, or 0.45 percent, to 2,049.70. The Nasdaq Composite Index was up 21.96 points, or 0.46 percent, to 4,796.94.

Traders still assessed the U.S. Federal Reserve's policy announcement and oil recovery. Oil prices continued to rebound Friday, with U.S. oil trading more than 1 percent higher around midday.

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.

On the economic front, the preliminary reading of consumer sentiment index published by Thomson Reuters/University of Michigan came in at 90.0 for March, worse than market estimates of 92.2.

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