The Dow Jones Industrial Average today snapped a seven-day losing streak thanks to a sharp uptick in oil prices and a rise in financial stocks.
Before we get to those stories, check out the results for the Dow Jones, S&P 500, and Nasdaq:
Dow Jones: 18,355.00; +41.23;+0.23%Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â
S&P 500: 2,163.79; +6.76;Â +0.31%Â
Nasdaq: 5,159.74; +22.00;Â +0.43%
Now, here’s the top stock market news today… and your best ways to profit.
DJIA Today: Oil Prices Rally, Evans Makes Slight Case for a Rate Hike
The Dow Jones added 41 points on Wednesday, fueled by a surprise rally in oil prices, stronger than expected earnings reports, and increasing optimism for a 2016 rate hike.
Oil prices rallied today on news that the United States experienced a much larger drawdown in gasoline inventories than analysts had anticipated. The uptick follows Tuesday’s sharp decline where oil fell below $40 per barrel for the first time since April.
WTI crude prices added 3.7% today, while Brent crude slipped 3.5%. Those gains came despite news that the U.S. Energy Information Administration reported a surprise increase in crude inventories last week. The increase reignites some concerns about a global glut, even with prices hovering near $40 per barrel.
Shares of Chevron Corp. (NYSE: CVX) added 0.8%, while Exxon Mobil Corp. (NYSE: XOM) added 0.3%. Despite the recent downturn in oil prices, there is one fund that is a screaming buy.
It’s been an interesting quarter of earnings reports. So far, 71% of companies beating their earnings forecasts sounds great. But Money Morning Chief Investment Strategist Keith Fitz-Gerald explains that earnings expectations are comically low right now. He says there is one reason for cautious optimism next quarter. Here’s what Fitz-Gerald told FOX Business this morning, including the impact of economic growth on the markets today.
