U.S. stocks rose for a third session on Friday, with the S&P 500 tallying its second best week in nearly two years.
"The Fed is going to sit on their collective hands for at least the first half of the year, if not longer. The expectation coming in was what, why and how were they going to raise rates, and nothing was said," said Paul Nolte, senior vice president, portfolio manager at Kingsview Asset Management.
"All in all it's been an exciting week for stocks, and I think the year-end rally is in full force. The Fed has made it quite clear that they are going to be patient, and the market is cheering that," said Peter Cardillo, chief market economist at Rockwell Global Capital, referring to the Federal Reserve's policy statement on Wednesday.
"Today's options expirations day, but I don't expect too much volatility because most traders have already closed up positions," said Cardillo, referring to the expiration of stock options, index options, index futures and single-stock futures, an event known as quadruple witching.
The CBOE Volatility Index, one measure of investor uncertainty, fell 1.9 percent to 16.49.