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Stocks Climb as JPMorgan Leads Financials

Stocks climbed on Friday, on track for their fifth straight week of gains, as crude oil extended its 2016 records on hopes of a production freeze.

The S&P 500 was up 0.47%, turning positive for 2016. The benchmark index fell into correction in mid-January but has since recovered having fallen just 4% from its 52-week high. The Dow Jones Industrial Average added 0.44%, and the Nasdaq climbed 0.46%.

A two-day rally pushed the Dow to wipe out its year-to-date losses. Wall Street's gains have been driven by a rally in crude oil prices that boosted energy stocks as well as residual goodwill following a dovish Federal Reserve meeting that ended Wednesday.

JPMorgan (JPM - Get Report) boosted the Dow, adding more than 2% after boosting its stock buyback program by $1.88 billion. The bank approved a $6.4 billion repurchase program last year, which allows the bank to buy back nearly 1% of its shares at current value.

Financials stocks were among the best performers on markets Friday. Banks Wells Fargo (WFC - Get Report) , Citigroup (C - Get Report) , and Bank of America (BAC - Get Report) were higher, while the Financial Select Sector SPDR ETF (XLF) added 0.5%.

Bank of America and Wells Fargo are holdings in Jim Cramer's Action Alerts PLUS portfolio.

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