“Oil is clearly a near-term positive and we’ve already heard from the Fed,” Terry Sandven, chief equity strategist at U.S. Bank Wealth Management, told Bloomberg. “It’s been a good week and a great month for equities as stocks have benefited from the winds of change. Many of the items that have plagued sentiment and overall equity returns, really since the beginning of the year, seem to be of less of an immediate concern.”

For instance, the weakening U.S. dollar has helped prop up emerging market currencies. Additionally, the emerging market outlook seems more promising after the prolonged underperformance.

“In the short term, the rally can probably continue, because the emerging markets are being supported by a weaker dollar,” Esty Dwek, global strategist at Loomis, Sayles & Co. told MarketWatch. “I think the growth outlook for emerging markets is starting to improve in that it’s stabilizing, but I can’t imagine a straight-line rebound. Because I think there are still a number of fear factors that could halt the rally.”

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