Major averages rose on higher volume closing near the top of their trading ranges. The S&P 500 and NASDAQ Composite both bounced off their respective 20-day moving averages. The NASDAQ's upside reversal on higher volume sent it back above its 200-day moving average once again. We also noticed a number of leading stocks bounce off of key moving averages, including names like AVGO, SIMO, NVDA, and FB.
Helping the rally was oil which topped $42/barrel as Saudi Arabia and Russia will freeze oil production at current levels even if Iran does not take part.
Futures are up over half a percent as global markets rally despite lower global growth expectations issued by the IMF, and Germany's leading economic institutes lowering its 2016 GDP forecast to 1.6% from 1.8%. Further, China's March trade surplus came in slightly under expectations, but both exports and imports surprised to the upside.
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