American Markets Rally on Oil Price Drop

Fears of a late storm season abated earlier this week and that, coupled with statements by the Federal Reserve, sent Oil Prices responding in kind; dropping to 3 month lows under $120/barrel. Markets jumped significantly on Oil's retreat, and the confirmation that Interest Rates will for the time being stay where they are.

For the Fed, inflationary risks are weighing heavily, and pricing pressure is "significant". The reaction for now is to wait and see, by holding rates, as the economy is expected to stay weak in the United States for several additional months.

The Dow Jones jumped 330 points (a gain of 3%), while the Nasdaq rose 64 points (a gain of 2.8%).