Futures are rallying and crude oil is soaring at a 3-month high

Futures are higher on Friday morning on the heels of the first positive year-to-date close for the Dow in 2016.

Near 7:48 a.m. ET, Dow futures were up 41 points, S&P 500 futures were up 5 points, and Nasdaq futures were up 8 points.

The Dow pushed into positive territory Thursday, with the S&P closing just three points from breakeven. The Nasdaq, however, is still down 4.6% for the year.

It’s quadruple witching Friday, the quarterly date when all four — index options and futures, and stock options and futures — expire simultaneously. Days like this sometimes have higher trading volume as traders scramble to close out their positions.

The economic-data calendar is light, with the University of Michigan’s consumer sentiment index due at 10 a.m. ET.

This week was highlighted by the Federal Reserve’s decision to leave interest rates unchanged and half its forecast for hikes this year from four. Stocks spiked on Wednesday and have pushed higher since.

But the dollar has been getting crushed, and fell more than 1% over the past two days. This morning, the dollar index was nearly flat, reaching a low of 94.58. It fell to the weakest since last October on Thursday.

Crude oil was rallying above $40 per barrel, with West Texas Intermediate crude futures up 1.7% to $40.94, a three-month high. Crude broke $40 Thursday as the dollar weakened, and amid more reports of a meeting of oil producers to discuss a freeze agreement.

Baker Hughes will release its weekly count of US oil and gas rigs at 1 p.m. ET.

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