The Dow rose about four-tenths of one percent, the S&P 500 added about a quarter of one percent and the Nasdaq slightly less than that.

Following this week's Federal Reserve policy meeting, at which interest rates were held steady, market participants see the first rate cut coming in March, according to the CME FedWatch Tool.

But Landsberg Private Wealth Management's Chief Investment Officer Michael Landsberg doesn't think this will happen until later in 2024.

"I'm thinking you're going to get 3 cuts next year, but realistically to me, if you see it cut any earlier than June or July it may be because we went into a worse recession than people have been expecting. I mean, really, the reason to cut rates is to get the economy kind of moving and stimulated. The data that's come out, whether it's retail sales or some of these other things haven't been bad. And so it's tough to make the argument that we need, you know, we need rate cuts."

Data out Thursday showed retail sales rose in November when a decline was predicted, though October's number was revised lower.

Stocks on the move included Adobe which fell 6% after the Photoshop maker forecast annual and quarterly revenue below estimates.

And Moderna jumped 9% after an experimental messenger RNA cancer vaccine it co-developed with Merck significantly cut the chance of recurrence or death from melanoma when paired with Merck's Keytruda drug.