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S&P 500 notches longest winning streak since September
From CNN Business' Matt Egan
The recovery from a brutal December rolls on.
The S&P 500 was up 0.4%, notching its first four-day winning streak since September.
The Dow closed 92 points higher, giving back a chunk of an early rally. It had been up as much as 198 points.
The Nasdaq rose 0.8%, rallying for the ninth time in 10 days.
Stocks lost steam late in the day after President Donald Trump walked out of a government shutdown meeting with Congressional leaders.
Energy stocks helped propel the market higher again. US oil prices spiked another 5.2% to $52.36 a barrel on reassuring comments from Saudi Arabia.
Crude has advanced eight straight days, the longest streak since July 2017. Apache (APA), Hess (HES) and ConocoPhillips (COP) climbed more than 3% apiece.
What moved markets today
We were busy today. Here are some market movers:
Oil went back above $50, settling at $52.36 Saudi Energy Minister Khalid al-Falih said the kingdom is on track to reduce crude output by its targeted amount.
Snap Inc. (SNAP) fell 2% Jeffries analysts cut price target by $1 to $7 because of stagnating user growth.
JCPenney (JCP) rose 10% Closed three more stores, said it would have positive cash flow for the full fiscal year.
CVS (CVS) fell 3.6% Government shutdown is slowing regulatory review of CVS’ acquisition of health insurer Aetna.
Constellation Brands (STZ) fell 12.4% Lower 2019 outlook. Beer sales strong, wine and spirits not so much.
Oil prices rise 5.2%, settles above $50
From CNN Business' David Goldman
What a difference a month makes.
US oil prices climbed back above $50 a barrel today, settling at $52.36.
It was the first time since December 14 that oil settled above $50.
Oil is now on an eight-day win streak. That hasn’t happened since July 2017.
Just two weeks ago, oil closed as low as $42.53, down more than 44% from its 2018 peak of $76.41, reached on October 3 (not coincidentally, that was the same day that the Dow reached its all-time high).
Since December 27, oil has roared back more than 23%.
Saudi Energy Minister Khalid al-Falih reassured investors on Wednesday that the country is on track to reduce crude output by its targeted amount.
Fed indicates it will slow down rate hikes in 2019
From CNN Business' Donna Borak
The Federal Reserve on Wednesday sent another signal that it won’t be moving quickly to raise rates in 2019.
Minutes of the US central bank’s last meeting in December showed that the Fed judged “the appropriate extent and timing of future policy firming [is] less clear than earlier,” because of an uncertain economy.
The Fed is wrestling with signs of weakening global growth in Europe and China and a sharp decline in stock prices.
At its final meeting in 2018, the central bank noted there were a number of headwinds that could pose downside risks to the US economy in the new year, including a sharper-than-expected slowdown in global economic growth, a more rapid waning of fiscal stimulus, an escalation in trade tensions and a greater-than-expected negative effect of rising interest rates.
Snap's stock is down — again
From CNN Business' Jordan Valinsky
The market value of Snapchat’s parent company keeps disappearing: Snap Inc. (SNAP) is down more than 3%.