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Whether stocks add to Tuesday's heady gains or not will be determined in part by whether oil prices stay in a downtrend.
There are a few earnings to influence the market Wednesday, and traders are wary of Freddie Mac's early morning report. Cisco's after the bell earnings report though should be a positive catalyst.
The Dow Tuesday rocketed 331 points. The market added to already sharp gains once the Fed's afternoon statement showed it was as concerned about inflation as the economy. In other words, it took a neutral stance.
But stocks started moving up early, as oil trended lower, and traders expect crude to be as big a factor Wednesday. There is no economic data of note, but there is weekly oil inventory data.
"It's all oil. Oil, oil. That's all I care about, and that's what prompted some pretty decent short covering in here," UBS director of floor operations Art Cashin said from the floor of the NYSE, shortly after the Fed announcement.
Oil hit a three-month low of $118 per barrel and finished at $119.17 on the Nymex . Concerns about the slowing global economy, along with a noticeable decline in U.S. gasoline use, are helping drive oil lower.
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