Stocks are rallying

Stocks are rallying for a third session.

Shortly after the open, the Dow gained up to 100 points, the S&P 500 was up 15 points, and the Nasdaq was up 37 points - all by less than 1%.

Stocks surged Tuesday at the end of the long weekend in US markets, with the Dow closing up 222 points (1.6%). If stocks end the day higher, it would be the first time they close up three days in a row this year.
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As Myles Udland noted, the rally in the last two days came as short sellers scrambled to cover their positions.

On Tuesday, crude oil fell amid doubts that a production freeze agreement would lessen the supply glut.

But on Wednesday morning, West Texas Intermediate crude futures in New York were up more than 3%, or about $1 per barrel, to $30.16 per barrel.
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Notable stocks moving on Wednesday morning included Priceline Group, which surged as much as 11% after better-than-forecast earnings. Shares of Garmin were also sharply up after earnings, while Campbell Soup rallied after projecting second-quarter profits that beat estimates.

Kinder Morgan shares were higher after Berkshire Hathaway disclosed in a filing yesterday that it owned nearly 27 million shares as of December 31.In economic data, the pace of housing starts slowed in January, by 3.8% to an annualized pace of 1.099 million. Building permits fell 0.2% to an annualized pace of 1.202 million, less than expected.
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But the producer price index was better than expected, rising 0.1% amid higher vegetable and beef prices, and increasing 0.4% excluding food and energy costs.

Industrial production and capacity utilization data were also solid, with production rising 0.9%.

At 2 p.m. ET, we'll get minutes from the January FOMC minutes.
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