The Closing Look

Stocks rallied on Wednesday, helped by more easy money from the Fed and a big rally in a slew of Biotech (IBB) and Healthcare (XLV) stocks. Transportation stocks lagged for most of the day as they pause to digest the recent rally. The Fed released the minutes of their latest meeting and the minutes reiterated the view that Fed officials are in no rush to raise rates. In other news, oil prices vaulted over 5% after a surprise drop in in U.S. crude supply.

Gary’s Thoughts: Will have big report on Fed over the weekend. Yesterday was a beta day. Seems like every Fed day is a beta day. That was one strong biotech move off its bear market lows. Europe and Asia still an issue as they are not even close to keeping up with the U.S.