On Thursday, stocks built on their post-Fed meeting rally as investors got comfortable with the central bank's rate-hike decision and digested the latest news out of Eastern Europe.
The Dow Jones Industrial Average jumped 417.66 points higher, or 1.2%, after surging more than 500 points in the previous two sessions. The S&P 500 rose 1.2% for its third positive day in a row, and the Nasdaq Composite gained 1.3%. All of the major averages are on pace for a winning week.
Stocks extended their gains after Russia reportedly made a $117 million bond payment, thereby avoiding a default. Investors were also keeping an eye on developments in the country's talks with Ukraine after the Kremlin dismissed previous reports that it was making progress.
Energy led the gains on Thursday in a reversal for the sector as U.S. oil prices pushed back above $100 per barrel. Occidental Petroleum gained 9.4% for the day, while Diamondback Energy added 6.5%. The sector is the only one on pace for a down week, but also the only one in positive territory for the year.
Health-care stocks and software companies also posted significant gains. Cardinal Health, up more than 6%, was one of the top gainers in the S&P 500. Eli Lilly gained 3.2%. Meanwhile, Intuit rose 3.4%.
The moves came in another session marked by high volatility. Geopolitical uncertainty from Russia and Ukraine could keep things rocky for another few weeks at least, according to analysts.
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