The markets are all firmly in the green rebounding from yesterday’s reaction to the Fed, although well off the highs.  The Dow is up 215 points or .90% and the best performer of the major indices.  The S&P500 is up .50% and the Nasdaq is hanging on to a gain of .20%.  All 11 sectors in the S&P are positive, but financials are lagging.  Advancers far outpaced decliners 2087/796 on the NYSE.  On the Nasdaq, advancers outpaced decliners 1411/1211.

The Energy sector is up 2.1% today.  Oil is up after the report from the Department of Energy showed a decline of 1.6 million barrels per day in U.S. crude stockpiles, versus the estimates of a build of 1.8 million barrels. 

Chesapeake Energy (CHK) and Whiting Petroleum (WLL) both reported Q4 earnings and are two of the top performers in energy today, up 24% and 27%, respectively.  

On the economic front, initial claims for the week ending on February 17 was 222,000, which came in below economists’ expectations of 230,000.  A more important gauge, the 4-week moving average, was 226,000, a decrease of 2,250 from the previous week’s revised average. The number of people already collecting unemployment benefits, known as continuing claims, dropped by 73,000 to 1.88 million.

U.S. Treasury yields are down a tad today with the 10-year at 2.91%.  The recent $29 billion 7-year treasury auction resulted in a yield of 2.839%.