Wall Street: positive and the world isn't tanking afterall

Wall Street was another positive on the back of better housing data than yesterday's in the U.S. and additional demand for oil and energy sector post the EIA data.

In essence, the rally is much to do with oil that it is to do with an entire improved risk sentiment as investors bet the Fed will now hike just once this year and the rest of the global economy can enjoy plenty of stimulus while, perhaps, China isn't as bad as first thought, and not to mention the dollar index being 6% off its 10-year highs as well. All 'super friendly' for stocks.

The S&P 500 finished up 1.60 points, or 0.1%, at 2,102.40, with energy stocks performing, to make for the highest close again since the 1st of December.

The Dow Jones Industrial Average moved higher by 42.67 points, or 0.2%, and closed at 18,096.27. However, at one point in the day, the Dow was scoring as many as 114 points on the session. For the index that its strongest level since the end of July's business 2015 and a third day of gains. The Nasdaq Composite Index rose 7.8 points, or 0.2%, to end at 4,948.13.

A glance at oil

Today was a particularly busy day in the energy sector and Deputy oil minister of Iraq announced that OPEC and other oil producers will meet in May while Russia have said there is no agreement to meet in May. Nonetheless, Oil is higher on the prospects of an oil freeze meeting taking place, rallying to $44.29 spot WTI. This news had underpinned the bid in the oil price post the EIA weekly oil inventories that showed less of a build at +2080k vs 3000k expected and +6634k prior.