The Dow Jones Industrial Average rose for the fifth straight session on Thursday to close in positive territory for 2016 for the first time this year.

The index of blue-chip companies DJIA, -0.87% rose 155.73 points, or 0.9%, to 17,481.49. General Electric Co. GE, -2.41% and Boeing Co. BA, -3.81% led gains, up 2.6% and 2.5%, respectively.

The Dow Jones Transportation index DJT, -1.04% rose 3% and officially entered a bull market, having risen more than 20% from its Jan 20 low.

The energy, materials and industrials sectors rose sharply, helped by soaring commodity prices. Crude-oil futures jumped above $40 a barrel for the first time since Dec. 3, aided by hopes over reducing of output and a sharp drop in the U.S. dollar. The drop by the U.S. currency also sent the price of gold sharply higher. Gold futures US:GCJ6 settled 2.9% higher at $1,265.

The benchmark S&P 500 index SPX, -1.11% , which briefly turned positive for the year, closed 13.37 points, or 0.7%, higher at 2,040.59. Nine of the 10 main sectors closed higher, with the health-care sector being the only laggard.

FedEx Corp. FDX, -0.53% shares jumped 12% after the delivery company reported stronger-than-expected earnings late Wednesday, making it the best performing stock on the S&P 500 index.

“Investors are encouraged by FedEx’s earnings and outlook, and higher oil prices are helping energy companies, while a jump in gold is helping mining shares,” said Colin Cieszynski, senior market analyst at CMC Markets.

The Nasdaq Composite COMP, -1.07% , closed up 11.01 points, or 0.2%, at 4,774.99, though a drop in biotech stocks limited gains on the index. The iShares Nasdaq Biotechnology ETF IBB, +0.50% was down 1.2%.

The dollar, which slumped after the Fed statement, continued sharply lower on Thursday. The ICE dollar index DXY, +0.03% dropped 1.3% to 94.67, its lowest close since October.

Read:The Fed is crushing the dollar—and that’s great for stocks

The latest economic news was on the bright side. Weekly jobless claims rose by 7,000 to 265,000, but the rate of layoffs taking place in the economy are still exceedingly low. A reading of manufacturing activity in the Philadelphia area unexpectedly turned positive in March, marking the first positive showing in seven months.

The benchmarks rallied on Wednesday, when the Fed left interest rates unchanged and signaled it would only raise rates twice this year. In December, the central bank had plotted out four rate increases in 2016.

The Fed holds rates steady: Hilsenrath’s analysis

Movers and shakers: Mondelez International Inc. MDLZ, -1.20% dropped 2.2% after Pershing Square’s Bill Ackman revealed he sold off a large chunk of his stake in the snack-food maker.

Michaels Cos. Inc. MIK, -0.24% shares soared 13% after the company reported better-than-expected earnings.

Shares of Viacom Inc. US:VIAB jumped 3% after news that the company has extended the employment agreement with Chief Operating Officer Thomas Dooley through Dec. 31, 2018.

Other markets: Most major European equity markets dropped sharply, though the Stoxx Europe 600 index SXXP, -0.66% closed down only 0.1%.