Hope Floats, as Do Shares

No news was good news Wednesday, reflecting the market's newfound sense of optimism.

The major stock market indices advanced to fourth-month highs as investors embraced Tuesday's bullish tone. That said, this rally on the back of a Fed pause and lower oil prices is hard to trust given the tug of war in the markets.

Investors are stuck between reasons to support stocks and reasons to spurn them. On the supportive side, prospects for a so-called soft landing, low oil prices, double-digit profit growth, and many bearish investors throwing in the proverbial towel are helping send stocks higher. Notably, economically sensitive sectors like the transports and technology have led the market in recent days. ...