By Sara Sjolin, MarketWatch

GoPro rallies after announcing more job cuts

U.S. equity benchmarks hovered near record levels after modest opening gains on Thursday, but struggled to extend the Federal Reserved-fuelled rally, as volatile oil prices continued to weigh on sentiment.

Crude-oil prices earlier jumped about 1% due to weaker dollar, but turned negative and were trading 0.3% lower.

The Federal Reserve raised interest rates (http://www.marketwatch.com/story/fed-raises-interest-rates-by-a-quarter-point-sees-two-move-moves-this-year-2017-03-15) raised key interest rates by a quarter percentage point on Wednesday, but its anticipated path of future rate hikes was seen as less hawkish than expected by market participants.

The S&P 500 index was up 2 points, or 0.1%, to 2,387, with health-care and energy sectors leading the losses down 0.7%.

The Dow Jones Industrial Average added 36 points, or 0.2%, to 20,989. IBM Corp.(IBM) as leading the gains up 1.2%, while Chevron Corp.(CVX) was the worst performer, down 0.8%.

The Nasdaq Composite Index rose 7 points, or 0.1%, to 5,907, trading above its previous close set on March 1.

"Markets took it as a dovish signal that the Fed is going to only cautiously tighten as the economy improves. The message was that the economy is firing but inflation is not going to be an issue. It's in no hurry to raise rates and that is good news for equities," said Neil Wilson, senior market analyst, in a note.

The dollar dropped roughly 1% after the Fed announcement and continued lower on Thursday. The ICE Dollar Index fell 0.2% to 100.59, according to FactSet data.

The weaker greenback boosted dollar-denominated commodities, such as gold, with the yellow metal up 2.2% at $1,227.10 an ounce (http://www.marketwatch.com/story/gold-rallies-as-dollar-slides-on-feds-dovish-hike-2017-03-16).

Dutch election: Trading sentiment in Europe and the U.S. was also buoyed by the preliminary result of the Dutch election. With most of the votes counted, Prime Minister Mark Rutte's party looked to have won the most seats in parliament, defeating populist, far-right candidate Geert Wilders.

Read:Euro hits five-week high on Dutch election (http://www.marketwatch.com/story/euro-hits-five-week-high-on-dutch-elecion-2017-03-16)

The vote in the Netherlands has drawn a lot of attention globally as it has been seen as a bellwether for the string of elections taking place in Europe later this year, including France in April, Germany in the fall and potentially Italy in the summer. Across the continent, anti-EU, populist parties are racing ahead in the polls, raising concerns some countries could leave the eurozone or the EU.

"Markets will of course now turn their attention to France, where the candidacy of the far-right Marine Le Pen arguably poses greater risks," said Anna Stupnytska, global economist at Fidelity International, in a note.

"To whatever extent this vote is a signal on France, the high turnout and rally around towards the mainstream center look bad for her. The structure of the French presidential election also create additional obstacles to any far-right victory in France. As such, the Dutch result may be remembered as the turning point in the popularity of populism for 2017," she added.

Economic news: Weekly jobless claims fell by 2,000 to 241,000 in mid-March, as layoffs remained near the lowest level in decades, in line with expectations.

Meanwhile, the Federal Reserve Bank of Philadelphia's monthly index on regional manufacturers fell to 32.8 in March from 43.3 in February--the highest reading in 33 years, according to data released Thursday.

See:

In the U.K., the Bank of England left its key interest rate at a record low of 0.25% as expected (http://www.marketwatch.com/story/bank-of-england-votes-8-1-to-hold-key-rate-at-025-2017-03-16). The pound jumped to $1.2356, from $1.2269 ahead of the decision.

Stock movers: Shares of Oracle Corp.(ORCL) jumped 8.4%, after the software giant late Wednesday reported fiscal third-quarter earnings above expectations (http://www.marketwatch.com/story/oracle-shares-rise-after-earnings-beat-dividend-increase-2017-03-15).

GoPro Inc.(GPRO) rallied 12% after the sports-camera maker late Wednesday announced job cuts and said it expects to be profitable on an adjusted basis in 2017 (http://www.marketwatch.com/story/gopro-shares-rally-on-job-cuts-forecast-of-adjusted-2017-profitability-2017-03-15).

Guess? Inc.(GES) tumbled 11% after its late-Wednesday earnings report missed forecasts (http://www.marketwatch.com/story/guess-shares-sink-after-earnings-miss-weak-outlook-2017-03-15).

Williams-Sonoma Inc.(WSM) gained 2.4% after the retailer late Wednesday reported earnings that beat forecasts and raised dividends (http://www.marketwatch.com/story/williams-sonoma-shares-rise-after-earnings-beat-dividend-increase-2017-03-15).

Dollar General Corp.(DG) shares rose 2.1% after the discount retailer reported fiscal fourth-quarter profit and sales that beat expectations (http://www.marketwatch.com/story/dollar-generals-stock-surges-after-profit-and-sales-beat-dividend-raised-2017-03-16).

Adobe Systems Inc. (ADBE) earnings are on tap after hours.

Canada Goose Holdings Inc. priced its initial public offering at C$17 a share (http://www.marketwatch.com/story/canada-goose-prices-ipo-above-expected-range-raises-about-2553-million-2017-03-16), above the expected range of $C14 a share to C$16 a share.

Other markets: Stocks in Asia closed sharply higher (http://www.marketwatch.com/story/asian-markets-roar-to-life-after-fed-hikes-rates-2017-03-15), rallying after the Fed announcement.

It was the same sentiment in Europe, where the benchmark Stoxx Europe 600 index (http://www.marketwatch.com/story/european-stocks-rally-after-dutch-election-surge-for-miners-2017-03-16) traded at its highest since December 2015.

(END) Dow Jones Newswires

March 16, 2017 10:07 ET (14:07 GMT)

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