Oil Continues Down, Stocks Soar On FOMC Minutes

By OilFOXBusiness

While crude oil continued its downward slide on EIA Inventories, stocks which had been bouncing back and forth earlier got a major boost after the FOMC Minutes showed the Fed could be more cautious in raising rates on continuing economic weakness concerns.

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Crude oil prices continued to dip hitting the lowest point since April 18, 2013 settling at $87.31 per barrel down $1.54 or 1.73%. Gold also saw lower prices today settling down $6.4 at $1,206 per ounce down 0.53%.

The major benchmarks all made significant gains with the Dow Jones Industrial Average seeing its biggest jump since Dec. 18, 2013 climbing 1.64% to close at 16,994.22 up 274.83 points. The S&P 500 jumped 1.75% gaining 33.79 points to close at 1,968.89.

The NASDAQ Composite gained 1.9% on the day to close at 4,468.59 up 83.39 points while the NASDAQ 100 was up over 2% on the day closing at 4,041.12 up 82.53 points.

The Small cap Russell 2000 closed at 1,097.12 gaining 20.81 points or 1.93% while the Fox50 gained 1.76% to close at 1,404.61 up 24.24 points.

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