NEW YORK: U.S. stocks closed more than half a percent higher Wednesday as investors eyed a jump in oil prices and looked ahead to the Federal Reserve’s decision on a rate hike. ( Tweet This )
“It’s all about waiting for tomorrow. Right now you’re seeing the market being positive. The consensus is the Fed is not going to do anything,” said Jeff Carbone, co-founder and managing partner of Cornerstone Financial Partners.
The Dow Jones industrial average closed about 140 points higher, after adding as much as 156 points in the minutes before the close. Chevron led the index higher.
The energy sector ended 2.77 percent higher, to lead S&P advancers.
The S&P 500 broke resistance at 1,993 and ended within 5 points of the psychologically key 2,000 level.
The Dow ended above its recent closing high hit Aug. 28, which means “we’re going to rally into the 50-day moving average,” said Adam Sarhan, CEO of Sarhan Capital.
In the last few weeks, both the Dow and the S&P formed the so-called death cross in which the 50-day moving average falls below the 200-day.
