Markets extended their winning streak to 3 days in a row after all major indices advanced today. It’s the biggest 3 day gain for stocks since the end of last summer. The Dow inched into positive territory for February for the first time following the release of the latest Fed minutes and some encouraging news from Iran that they would support a freeze in the output of oil. That news help lift oil prices over 5.5% as crude settled at just over $30/barrel.
More on oil’s wild ride from CNBC below.
The minutes from the Jan. 26-27 Fed policy meeting revealed that Federal Reserve policymakers worried last month that worsening global financial conditions could hit the U.S. economy and considered changing their planned path of interest rate hikes in 2016.
“If the recent tightening of global financial conditions was sustained, it could be a factor amplifying downside risks” to the economy. A number of participants were concerned about the potential drag on the U.S. economy from the broader effects of a greater-than-expected slowdown in China and other emerging market economies.”
Read the complete Fed minutes from the Jan. 26-27 meeting here.
Here are the final numbers from Wednesday, 2/17/16 on Wall Street
Dow Jones Industrial Average: 16,453.83 (+257.42 / +1.59 %)
NASDAQ: 4,534.06 (+98.11 / +2.21 %)
S&P 500: 1,926.82 (+31.24 / +1.65 %)