(CNBC) U.S. stocks closed more than 2 percent higher percent Friday, the last trading day of January, after the Bank of Japan unexpectedly adopted a negative interest rate policy for the first time. Encouraging earnings reports, a better-than-expected Chicago PMI report and some stabilization in oil prices also helped push equities higher. ( Tweet This )
The major averages still ended sharply lower for the month, with the Nasdaq composite down 7.86 percent for its worst month since May 2010. Friday's sharp gains pushed the three indexes into positive territory for the week.
"I think the BOJ got it going," said Jeremy Klein, chief market strategist at FBN Securities. While he was skeptical of the actual benefit of the negative rate policy to the economy, he said "it signals they are basically walking their talk."
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