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Stocks end higher, Dow notches 6-day win streak

Adam Shell
USA TODAY

The Dow extended its rebound rally off its recent correction lows to six sessions as stocks keep heading higher following the release of minutes of the Federal Reserve's meeting last month that lowered investor expectations for an interest rate hike this year.

Traders work on the floor of the New York Stock Exchange on October 8, 2015.  (Photo by Andrew Burton/Getty Images)

The blue-chip Dow ended up 34 points, or about 0.2%, posting its sixth straight day of gains — the longest win streak since December. And the average ended up 612 points, or 3.7%, for the week, its best weekly advance since a nearly 660-point, 3.8%, run-up in early February.

Up 0.1% was the broader Standard & Poor's 500. The Nasdaq composite climbed 0.4%.

U.S.-produced crude was also higher, at one point climbing above the key $50 a barrel level.

Stocks also rallied overseas, putting global shares on track for their best week since 2011, according to Reuters. The MSCI world equity index ticked up 0.1%, its eighth straight climb, putting the index up about 4.5% on the week, its best performance since late 2011, Reuters reported.

Wall Street is enjoying a relief rally after the U.S. stock market suffered its first 10% price correction in four years in late summer. The renewed buying has been driven by a belief that the Fed will hold off on rate hikes until next year due to fears about global tumult and still-weak inflation. Wall Street's interpretation of the September Fed meeting minutes, which were released Thursday, is that the Fed will keep rates "lower for longer."

The delay in rate hikes has translated into a weaker dollar, which has given commodities, such as hard-hit oil, a big boost. A weaker dollar also makes U.S. products more affordable abroad, which benefits sales and earnings of big U.S. multinationals.

Not even a disappointing earnings report from aluminum giant Alcoa after Thursday's closing bell could put a damper on Wall Street's renewed interest in stocks. Expectations for the third-quarter earnings season are low, with analysts expecting profits of S&P 500 companies to contract about 4%. But the low bar is actually a potentially bullish development, as it makes it easier for companies to top analysts' lowered expectations.

Chart watchers at RBC Capital Markets continue to argue that the market is showing signs that the recent lows are in. Another positive sign for the market is the fact that the Dow has climbed back above 17,000 and the S&P 500 has topped the key 2000 level. Both levels were viewed as roadblocks for the rebounding market. But the break above those levels is a sign the market uptrend might be back on track.

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