Dow Up 200 After The Fed

Stocks are near session highs after the latest Fed minutes showed the Fed is unlikely to raise interest rates before April.

Near 2:15 pm ET, the Dow was up 206 points, the S&P 500 was up 22 points, and the Nasdaq was up 51 points.

Stocks are looking to snap a five-day losing streak that started the year on a down note.

The rally in stocks comes after an ADP employment report that came in better than expected for December, with private companies adding 241,000 employees last month, more than the 225,000 expected by economists.

This is one of two labour reports — we get initial jobless claims on Thursday morning — that come ahead of Friday’s big December jobs report. 

Expectations for that report are for payroll gains of 240,000. 

Oil prices, which have been the market’s main focus over the last few months, were still volatile on Wednesday but not nearly as much as has been seen recently. Overnight, Brent crude oil briefly cracked $US50 a barrel, but in morning trade it was making a comeback, while West Texas Intermediate was bouncing around between $US47 and $US49 for most of the day. 

Earlier on Wednesday, inflation data out of the eurozone showed that in December, prices fell 0.2% year-on-year, dragged down by a massive decline in energy prices. 

Following this data, the euro hit a fresh nine-year low against the dollar. 


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