Market Insider

Stock rally could depend on oil pressure

Pro: I'm out. Market risk not worth reward

The Fed may have helped prime the stock market for a Santa rally, if oil remains calm and there are no new flare-ups in overseas markets.

Stocks rocketed higher in the best day of the year Wednesday, led by a giant 4 percent leap in the energy sector and on calming words from the Fed on the economy and its plans to be patient about hiking rates.

The central bank, with its statement and press briefing, sent stocks on a volatile ride, first higher, then lower and higher again. The ended the day up 1.7 percent to 17,356, and the S&P 500 rose 2 percent to 2,012.