(Fixes typo to "in 2016" from "on")
By Chuck Mikolajczak
NEW YORK, March 18 (Reuters) - The S&P 500 closed positive for the year for the first time in 2016 on Friday, as the U.S. Federal Reserve's dovish tone and a strengthening economic outlook compelled investors to take on more risk.
The Dow Jones industrial average rose 117.59 points, or 0.67 percent, to 17,599.08, the S&P 500 gained 8.7 points, or 0.43 percent, to 2,049.29 and the Nasdaq Composite added 20.66 points, or 0.43 percent, to 4,795.65. (Reporting by Chuck Mikolajczak; Editing by Nick Zieminski)