Dow Jones Industrial Average Makes It 3 In a Row on Oil, Dovish Fed

It was a big day on Wall Street, with the Dow Jones Industrial Average (DJIA) briefly positive on the month, and the S&P 500 Index (SPX) jumping back out of correction territory. Soaring oil prices helped to boost investor sentiment, while relatively dovish remarks from the latest Federal Open Market Committee (FOMC) meeting only stoked the bullish flames. By the time the dust settled, both the Dow and the S&P 500 had notched their third straight win of at least 1%.

Continue reading for more on today's market, including:

• The "buy" signal that preceded the 2012 rally, courtesy of Schaeffer's Senior Quantitative Analyst Rocky White.
• 2 energy stocks shaking off a Soros snub.
• Option players weighed in on Wal-Mart Stores, Inc. (NYSE:WMT) ahead of earnings, and rolled the dice on an earnings win for this casino stock
• Plus ... More from the Fed, Iran considers a crude production freeze, and 2 drugmakers on the move.
  

The Dow Jones Industrial Average (DJIA - 16,453.83) was up almost 290 points at its intraday peak, before settling with a 257.4-point, or 1.6%, gain. Twenty-eight of the Dow's 30 components closed higher, led by Chevron Corporation's (NYSE:CVX) 4.1% pop. McDonald's Corporation (NYSE:MCD) and Pfizer Inc. (NYSE:PFE) were the two decliners, shedding 0.5% and 0.6%, respectively.

The S&P 500 Index (SPX - 1,926.82) tacked on 31.2 points, or 1.7%, to settle at its highest perch since Feb. 1, extending its longest winning streak of 2016. The Nasdaq Composite (COMP - 4,534.07), meanwhile, outpaced its peers -- adding 98.1 points, or 2.2%.

The CBOE Volatility Index (VIX - 22.31) shed 1.8 points, or 7.5% -- and closed below its 32-day moving average for just the second time this month.

 

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5 Items on Our Radar Today:

1. Echoing Fed Chair Janet Yellen's testimony in front of Congress last week, the minutes from the latest FOMC meeting indicated a further disintegration of global economic conditions "could be a factor amplifying downside risks," and needed to be closely monitored. The minutes also suggested that future interest-rate adjustments will "depend on future economic and financial-market developments and their implications for the medium-term economic outlook." (Bloomberg)

2. At a meeting among global oil producers today, Iran's oil minister reportedly said the country could support setting a "ceiling" on crude oil production in an effort to stabilize prices, and agreed that additional steps need to be taken. (CNBC)

3. Fossil Group Inc (NASDAQ:FOSL) had its best day in three years, thanks to a stellar turn in the earnings confessional and a bullish analyst note.

4.  It was a big day for biotechs, with Inovio Pharmaceuticals Inc (NASDAQ:INO) rallying on well-received Zika news and Regulus Therapeutics Inc (NASDAQ:RGLS) hopping on hepatitis C data.

5.  Front-month option traders have set their sights on Apple Inc. (NASDAQ:AAPL) and Netflix, Inc. (NASDAQ:NFLX).

 

Data courtesy of Trade-Alert

Commodities:

Crude oil futures jumped today, after Iran hinted at support for a global production freeze. By the close, crude for March delivery was up $1.62, or 5.6%, at $30.66 per barrel.

Gold, meanwhile, settled higher ahead of the release of the FOMC meeting minutes -- and snapped its three-day losing streak. Specifically, April-dated gold added $3.20, or 0.3%, to close at $1,211.40 per ounce. After the close, however, gold was headed lower once again.