Stock rally to hinge on oil prices and Fed meeting
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US stocks rose last week amid signs that the global commodities bust was closer to an end. But some suspect the rally could falter if pronouncements from oil producing nations or from the Federal Reserve fail to pay off.
A strong February jobs report and a rebound in oil futures drove the broad Standard & Poor's 500 to the brink of the psychologically significant 2,000 level - its highest point of the year to date. This week, traders will begin to lay their bets on whether the improvements in markets and economic data can survive the Fed's meeting on March 16.
About 242,000 workers were added to US payrolls in February, far more than economists had anticipated, according to the Labor Department.
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