Market Rally Continues as Oil Stablizes

U.S. stocks soared for the second day turning the major averages positive for 2015 as oil seemingly found support after a second day of gains.  While initial jobless claims of 294 thousand was slightly above economist expectations, it remained below the 300 thousand mark while Wednesday’s Fed comments indicating a patient approach to interest rate hikes continued to buoy the markets.

Market Radar - % Change

Nymex crude was up for the second consecutive session settling at $48.79 per barrel up 0.29% or $0.14.  Gold prices were down slightly losing $2.20 to settle at $1,208.50 per ounce down 0.18%.

The Dow Jones Industrial average climbed for the second consecutive session surging 323.35 points to close at 17,907.87 up 1.84%.  The S&P 500 also saw significant gains climbing 1.79% or 36.24 points to close at 2,062.14.

The NASDAQ Composite rose 85.72 points to close at 4,736.19 up 1.84% while the tech heavy NASDAQ 100 gained 80.55 points or 1.84% to close at 4,240.55.

The Small cap Russell 2000 climbed 1.71% to 1,196.14 up 20.16 points while the FOX50 closed the day at 1,444.23 gaining 28.11 points or 1.99%