U.S. stocks close higher to extend winning streak

U.S. stocks ended higher on Thursday, extending gains as oil prices moderated from intraday highs following Israeli Prime Minister Benjamin Netanyahu's announcement that Israel has agreed to open direct negotiations with Lebanon.

The Dow Jones Industrial Average rose 275.88 points, or 0.58 percent, to 48,185.80. The S and P 500 added 41.85 points, or 0.62 percent, to 6,824.66. The Nasdaq Composite Index increased by 187.42 points, or 0.83 percent, to 22,822.42.

Nine of the 11 primary S and P 500 sectors closed in positive territory, with consumer discretionary and industrials leading the advancers at 2.46 percent and 1.04 percent, respectively. Energy and health care were the only laggards, declining 1.16 percent and 0.19 percent.

Crude prices advanced early in the session but retreated from their highs after Netanyahu's comments. West Texas Intermediate futures for May delivery rose as much as 8.78 percent, briefly surpassing 102 U.S. dollars per barrel, before settling up around 4 percent above 98 dollars. International benchmark Brent crude settled 1.23 percent higher at near 96 dollars per barrel.

The market also drew support from a more than 2.61 percent rise in Meta Platforms after the company unveiled its new artificial intelligence model, Muse Spark.

Defensive sectors gained ground as well, with Walmart advancing nearly 1.5 percent alongside utilities names such as Constellation Energy.

Meanwhile, core inflation in the United States remained above the Federal Reserve's 2-percent target in the period leading into the recent Iran conflict. The Commerce Department reported that the core personal consumption expenditures (PCE) price index, which excludes food and energy, rose a seasonally adjusted 3 percent in February. The headline PCE measure increased 2.8 percent.

In corporate developments, shares of all the "Magnificent Seven" technology giants ended higher except for Microsoft. Amazon led the group with a 5.6-percent gain.

The central parity rate of the Chinese currency renminbi, or the yuan, weakened 5 pips to 6.8654 against the U.S. dollar Friday, according to the China Foreign Exchange Trade System.

In China's spot foreign exchange market, the yuan is allowed to rise or fall by 2 percent from the central parity rate each trading day.

The central parity rate of the yuan against the U.S. dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day.