US STOCKS-Wall St gains as commodities rally, dollar plunges
* S&P 500 and Dow turn positive for the year
* Indexes up: Dow 1.05 pct, S&P 0.77 pct, Nasdaq 0.24 pct (Updates to afternoon)
By Laila Kearney
March 17 (Reuters) - The S&P 500 and the Dow Jones industrial average turned positive for the year on Thursday, a day after the U.S. Federal Reserve signaled fewer interest rate hikes for the year.
The Fed's dovish stance weighed on the U.S. dollar, which catapulted commodity prices to their highest levels this year. The best performing sectors in the S&P 500 were materials and energy.
"It's a continued reaction from the Fed's move yesterday," said David Lefkowitz, senior equities analyst at UBS Americas Wealth Management in New York.
The Fed on Wednesday pointed to moderate U.S. economic growth and strong job gains but cautioned about risks from an uncertain global economy. The central bank pointed to the possibility of two more rate hikes before the end of the year, having laid out four hikes in 2016 when it raised rates in December.
The Dow Jones industrial average was up 181.96 points, or 1.05 percent, to 17,507.72, the S&P 500 had gained 15.59 points, or 0.77 percent, to 2,042.81 and the Nasdaq Composite had added 11.60 points, or 0.24 percent, to 4,775.57.
U.S. crude was up 4.42 percent at $40.15 a barrel and the market pinned its hopes on a plan by major oil producers to freeze output to mitigate a global glut.. Continuación...