US stocks extend gains, Dow Jones jumps over 450 points

US stock indices rose on Friday, and posted weekly gains following the Federal Reserve's positive economic outlook.

Federal Reserve Chairman Jerome Powell said that the US economic recovery is still far from complete, but stressed the possibility of gradually abandoning the monetary stimulus programs.

The Federal Reserve decided to allow US banks to start issuing buybacks and dividends to shareholders.

The US personal income index fell 7.1% during the past month, while analysts' forecast a drop by 7.3%.

The US consumer spending index also fell by 1% in February, worse than forecasts of a drop by 0.8%.

To the oil market, WTI crude May futures rose 4.1% or $ 2.41, and closed at $60.97 a barrel, but posted weekly losses of 0.8%, after hitting a high of $61.2 and a low of $58.3.

Brent May futures rose 4.2% or $2.62, and closed at $64.57 a barrel, and posted less than 0.1% weekly gain, after hitting a high of $64.7 and a low of $61.8. 

As for stocks, Dow Jones rose 1.4% or 453 points, and closed at 33,072, with a weekly gain of 1.4%, a day high of 33,098, and a low of 32,681.

Nasdaq rose 1.2% or 161 points to 13,138, but registered a 0.6% weekly loss, with a high of 13,149 and a low of 12,878.

S&P 500 rose 1.6% or 65 points to 3,974, and posted a weekly gain of 1.7%, after hitting a high of 3,978 and a low of 3,917.