U.S. indices closed higher for the fourth consecutive week as the S&P 500 gained 1.6%, while the Dow Jones Industrial Average and Nasdaq finished up 1.3% and 1.9%, respectively.
Rising crude prices helped keep today's rally going, with industry standard Brent crude contracts for May delivery up $0.42 to $40.47 and West Texas crude contracts for April delivery up $0.71 to $38.55 per barrel.
Oil stocks were recovering from yesterday's decline as crude prices rallied. Whiting Petroleum (WLL) rose 5.2% on heavy volume, while Marathon Oil (MRO) climbed 5.4%, and Royal Dutch Shell (RDS-A) advanced 5.4%.
Fast-food restaurant Bojangles' (BOJA) surged 23.6% after the fried chicken chain's fourth-quarter earnings beat expectations. The company reported EPS of $0.22 on revenue of $128.8 million. For the current year, Bojangles expects EPS to range between $0.86 and $0.90.
Fellow chicken chain El Pollo Loco (LOCO) dropped 8.2% after reporting mixed fourth-quarter results and guiding its full-year earnings expectations on the low side of analysts' consensus. The restaurant chain expects EPS between $0.70 and $0.74 this year vs. the $0.74 consensus.
Looking ahead to next week, investors will be watching for the February retail sales numbers on Tuesday. The U.S. Energy Information Administration is scheduled to release its latest petroleum status report on Wednesday and the weekly jobless claims data will be made public Thursday.
Also, the Federal Reserve is scheduled to hold its March meeting next week. The meeting comes on the heels of the ECB's decision to cut rates, and investors will be watching to see if the Fed decides to raise interest rates again after doing so in December.