After The Bell: Stocks Surge On Wall Street
(CBS) -- Stocks moved to rally mode on Wednesday, reversing losses from earlier in the week, as the rise in yields and encouraging reports on the Greek debt crisis put investors in a buying mood. All three of the major indices traded over 1 percent higher on light volume, with the Dow jumping triple digits and closing above the key 18,000 mark.
"Today's rally in stocks were set off by a couple of things; the Greek situation appears to be turning the corner, a rise in crude oil prices is a positive here and comments from key officials that the Fed will not raise rates until 2016. A lot of positive factors here helping reverse the slide we've been in for several weeks," said Tim Ghriskey, Chief Investment Officer at Solaris Asset Management in New York.
He also noted the current environment is a positive for stocks and it is very unlikely to see a major correction in the near term.
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