Brent reached its highest level in three and a half months on Wednesday, passing $115 a barrel after better-than-forecast European data spurred optimism for the global economy.
"The report, noisy as it is, may help ease ideas that has surfaced earlier this month that the Fed may look to soon pull back from its asset purchases," said one strategist in response the surprise drop in GDP.
European shares suffered their biggest daily drop this month after gloomy earnings and weak U.S. economic data hit sentiment on Wednesday and left some positioning for further falls in the near-term.
U.S. stock index futures pointed to a slightly higher open on Wednesday, with eyes on the Federal Reserve’s first policy statement of 2013.
Asian stocks closed higher on Wednesday, with investors shifting their focus to corporate earnings in the region and the Federal Reserve's policy announcement later in the day.
Investors have been reaping the benefits of a bull run on the Australian Securities Exchange, but a correction is looming and they should take heed, said analysts.
A few factors suggest that the S&P 500 would continue to post gains, Guy Adami says.
The euro scaled 14-month peaks against the dollar, gaining in three of the last four sessions, lifted by an improving euro zone outlook and expectations the Federal Reserve will keep its ultra-easy monetary policy for some time.
U.S. crude oil rose more than 1 percent, exceeding gains in Brent crude, after strong U.S. housing market data bolstered confidence that economic growth and fuel demand were accelerating.
U.S. Treasury debt prices eased for a fourth day on Tuesday as investors pushed to undermine prices amid sales of $99 billion of U.S. government notes this week.
Stocks closed higher on Tuesday as the Dow marched toward the 14,000 level and investors looked ahead to Wednesday's Federal Reserve policy announcement. A gain in the energy sector following strong earnings from refiner Valero and big gains in the pharma sector after Pfizer's solid earnings report supported stocks.
Investor "euphoria" is taking stocks higher but eventually will be their undoing, market bear Marc Faber told CNBC.
Gold snapped a four-day losing streak, but gains were limited as investors sought further indicators of U.S. economic strength, including a Federal Reserve statement later in the week.
As stocks continue to post gains, a few headwinds could appear, Josh Brown of Fusion Analytics says.
European equities scaled fresh two-year highs on Tuesday, boosted by miners, as optimism about economic recovery gained momentum following encouraging U.S. home price data and comments over growth in top metals consumer China.
U.S. stock index futures pointed to a lower open on Tuesday, with investors cautious ahead of the Federal Reserve’s announcement on monetary policy on Wednesday.
CNBC Fed Survey shows Wall Street pros divided on how and when quantitative easing will end.
Asian shares rose on Tuesday as recent selling drew bargain hunters ahead of more U.S. economic data and a Federal Reserve policy decision later in the week.
As confidence returns to global markets, investors appear to be using the cheap yen once again to fund investments in risky assets – a trade that is likely to give the battered Japanese currency another boot lower in the months ahead, analysts said.
U.S. benchmark crude oil prices are expected to resume their march towards triple digits as stock markets respond to improved economic data in the U.S. and China, according to CNBC's latest oil market sentiment survey.
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