With options expiring and a sparse economic calendar Friday, traders will watch to see if oil and stocks can hold their gains of the week so far.
"We don't have much in light of economic news tomorrow," Peter Cardillo, chief market economist at First Standard Financial, said. "I think the chances of us holding these levels and maybe ending the week around these levels or slightly higher is a good bet. I don't see oil prices weakening."
After topping $40 a barrel in the settle Thursday, oil will be a key focus for markets on Friday, especially with the weekly oil rig count due in the afternoon.
"Clearly the market has decided the best way to figure out what's going on with global growth is to look at oil," said Chuck Self, chief investment officer at iSectors.
The Dow Jones industrial average closed in positive territory for 2016 on Thursday, as gains in materials and industrials led stocks higher. A rise in oil prices and a positive view of the Fed's Wednesday announcements also helped stocks.