Oil stocks helped propel the Dow up roughly 18 points. But the constant, tireless focus on the U.S. Federal Reserve and the timing of the next rate hike has Money Morning Capital Wave Strategist Shah Gilani saying that it's time to "End the Fed… and Move the Country Forward."
The S&P 500 flirted with a new record high as traders cheered the rally in crude oil prices and the removal of a key line in a Janet Yellen speech about the timing of the next interest rate hike. The Fed was back in focus, driven again by expectations that the central bank isn't going to raise interest rates in the summer, ahead of the Brexit vote and on the heels of a lackluster jobs report.
Dow Jones: 17,938.41; +17.95; +0.10%
S&P 500: 2,112.13; +2.72; +0.13%
Nasdaq: 4,961.75; -6.96; -0.14%
The S&P 500 ended at its best level since July on Tuesday, helped by a big jump in energy shares and investor confidence that higher interest rates will not derail the economy.
Asian shares held near six-week highs on Wednesday, on a brightening outlook in the energy sector and hopes that the U.S. Federal Reserve will not raise interest rates in the coming months after a disappointingly weak U.S. jobs report.
MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS was flat after hitting a near six-week high the previous day. Japan's Nikkei .N225 was also flat.
Reference: Money Morning, Reuters
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