Stocks are ripping higher

Stocks are ripping higher in morning trading.

After a soft open and a brief dive into the red, the Dow gained as many as 211 points, or about 1%, while the S&P 500 climbed back above 1,900.

The Nasdaq rose 45 points, or 1%, after a 3.4% drop on Tuesday.

Crude oil prices were also rallying, with West Texas Intermediate crude gaining 3% to as high as $31.40 per barrel.

The collapse of crude has been one of the big things that’s spooked markets this year, and, of course, Thursday’s gain still leaves oil prices near 12-year lows.

The economic data calendar was light today. Initial jobless claims unexpectedly rose, by 7,000 to 284,000, although economists say the holiday period is particularly volatile for this series.

Friday brings a bigger data dump, with retail sales, producer prices, and consumer sentiment among the data due.

This post is being updated.

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