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Today, the Dow closed up 331.62 to 11,615.77; S&P closed at 1284.88; and oil closed at 119.17.
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Two very important things happened today. Oil dropped in price and the Fed held steady:
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MARKET SNAPSHOT
Stocks rally fueled by oil slide, Fed statement
Dow has best day in 4 months as oil slumps, Fed stands pat on rates
NEW YORK (MarketWatch) -- U.S. stocks ended sharply higher Tuesday, fueled by a continued slide in crude oil prices as the Federal Reserve decided to keep interest rates steady and gave no hints it might change course any time soon.
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"There were no major surprises," in the Fed decision or its accompanying statement, said Owen Fitzpatrick, head of U.S. equity at Deutsche Bank.
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"Given the numbers that we saw last week in terms of [weak economic growth], there's a recognition that risks to the economy have increased, and they maintained their stance that inflation remains a concern," he said............"
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"There were no major surprises," in the Fed decision or its accompanying statement, said Owen Fitzpatrick, head of U.S. equity at Deutsche Bank.
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"Given the numbers that we saw last week in terms of [weak economic growth], there's a recognition that risks to the economy have increased, and they maintained their stance that inflation remains a concern," he said............"
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