S&P 500 stretches higher on Friday, gains around 1% near 3,150

• Wall Street's main indexes opened in the positive territory on Friday.
• All major sectors of the S&P 500 trade in the green.
• Energy shares lead the rally on the back of surging oil prices.

Major equity indexes in the United States started the last day of the week in the positive territory on improving risk sentiment. The CBOE Volatility Index, Wall Street's fear gauge, was last seen losing 6.5% on the day at 30.8 points.

Energy shares lead the rally

As of writing, the S&P 500 is up 1.03% on the day at 3,148 points, the Dow Jones Industrial Average and the Nasdaq Composite are gaining 1% and 0.97%, respectively.

Among the 11-major S&P 500 sectors, the Energy Index is up 1.75% in the early trade boosted by a more-than-3% increase in crude oil prices. Moreover, the Materials Index, the Technology Index and the Healthcare Index gain more than 1% as the other top-performers. 

Later in the day, Jerome Powell, Chairman of the Federal Reserve, and Randal Quarles, Vice-Chair of the Federal Reserve, will be delivering speeches.