Stocks are rallying
Near 9:35 a.m. ET, the Dow was up 109 points, the S&P 500 was up 11 points, and the Nasdaq was up 33 points - all by less than 1%.
All 30 stocks on the Dow were green. Energy stocks gained with crude oil; West Texas Intermediate crude futures rose 3% to as high as $39.47 per barrel ahead of inventories data.
The S&P 500 closed at its highest level for the year on Tuesday, after Federal Reserve chair Janet Yellen said in a speech that rate increases warrant extra caution.
In a client note, Accendo Markets' Mike van Dulken wrote, "Her taking control of what had become a mixed Fed message of late, her emphasis on 'proceeding cautiously' with US interest rate rises and her highlighting of global economic and financial uncertainty (China, oil) suggests it unlikely that April will see another hike."
"This should be supportive of risk appetite in the run-up to Friday's all-important US jobs report."
We got ADP's private payrolls data ahead of the open, which showed a more-than-expected gain by 200,000 for March, with a downward revision by 9,000 to 214k for February. That was the only major thing on Wednesday's economic-data calendar.
Yellen's comments are putting downward pressure on the dollar, which is now on pace to record its worst month in five years.
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