Stocks make the drive for five after the Dow’s 253 pt gain

Stocks rallied again on Wednesday for a fourth straight day. The major indexes have gained ever since the Dow and S&P 500 fell into correction territory last week.

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Equity futures are indicating those gains could continue.

Dow Jones futures were rising by 0.39%. The S&P 500 added 0.38% and the Nasdaq Composite was up 0.58%.

Investors will examine another inflation report today in the form of producer prices, which measures inflation on the wholesale level. The Reuters estimate is for prices to have risen 0.4% in January.

On Wednesday, markets digested a jump in inflation on the retail level as consumer prices rose 0.5% last month, putting CPI at 2.1% on an annual basis.

In other economic news, the weekly report on jobless claims will also be released.

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Shares of technology and banks led the gains in the last session as he Dow Jones Industrial Average gained 253.04 points, or 1.03%, to 24,893.49. The S&P 500 rose 35.69 points, or 1.34%, to 2,698.63. The tech-heavy Nasdaq Composite was up 130.10 points, or 1.86%, at 7,143.62. The gains put the Dow and S&P 500 back in positive territory.

In Asia, several markets were closed for the Lunar New Year Holiday. Japan’s Nikkei advanced 1.6 percent to 21,497.83 in midmorning trade, after tumbling to a four-month low on Wednesday and briefly dipping below its 200-day moving average.

Hong Kong’s Hang Seng Index traded just half-day, closing up 599.83 points or 1.97 percent at 31,115.43. 

Chinese and South Korean markets were closed.

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