(CNBC) U.S. stocks jumped about 1 percent to close near highs on Friday, continuing several days of alternating gains and losses as investors weighed a weaker dollar amid options expirations.
"I can't explain the violence of the rally," said Peter Boockvar, chief market analyst at The Lindsey Group, noting that there was no major news. "The weaker dollar is helping the Dow because of the large multinationals in the Dow."
The U.S. dollar traded below recent highs the euro held near $1.08. Crude oil futures broke a losing streak to settle up $1.76 at $45.72 a barrel. Gold futures closed up $15.60 at $1,184.60 an ounce.
Advertisement - story continues below