Stocks end higher, Dow notches 6-day win streak

October 11 23:40 2015

The Dow extended its rebound rally off its recent correction lows to six sessions as stocks keep heading higher following the release of minutes of the Federal Reserve’s meeting last month that lowered investor expectations for an interest rate hike this year. The blue-chip Dow ended up 34 points, or about 0.2%, posting its sixth straight day of gains — the longest win streak since December. And the average ended up 612 points, or 3.7%, for the week, its best weekly advance since a nearly 660-point, 3.8%, run-up in early February.AP FINANCIAL MARKETS WALL STREET F USA NY

Up 0.1% was the broader Standard & Poor’s 500. The Nasdaq composite climbed 0.4%. U.S.-produced crude was also higher, at one point climbing above the key $50 a barrel level. Stocks also rallied overseas, putting global shares on track for their best week since 2011, according to Reuters. The MSCI world equity index ticked up 0.1%, its eighth straight climb, putting the index up about 4.5% on the week, its best performance since late 2011, Reuters reported.

Wall Street is enjoying a relief rally after the U.S. stock market suffered its first 10% price correction in four years in late summer. The renewed buying has been driven by a belief that the Fed will hold off on rate hikes until next year due to fears about global tumult and still-weak inflation. Wall Street’s interpretation of the September Fed meeting minutes, which were released Thursday, is that the Fed will keep rates “lower for longer.”

The delay in rate hikes has translated into a weaker dollar, which has given commodities, such as hard-hit oil, a big boost. A weaker dollar also makes U.S. products more affordable abroad, which benefits sales and earnings of big U.S. multinationals.

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