Wall Street Update: Wall Street back on track as oil gain

Wall Street market back on track as oil gain

Wednesday off for a good start as Wall Streets goes higher as oil prices up on expectation of freeze output agreement among the major producers.

Brent crude hovered above $40 a barrel on Wednesday.

However, industry watchers remain skeptical of a sustained recovery in prices due to the oversupply.

Reuters reported that at 9:37 a.m. ET, the Dow Jones industrial average was up 45.78 points, or 0.27%, at 17,009.88, the S&P 500 was up 6.14 points, or 0.31%, at 1,985.4 and the Nasdaq Composite index was up 7.63 points, or 0.16%, at 4,656.46.

Markets worldwide were lower on Wednesday as investors fretted about global economic conditions ahead of central bank meetings on monetary policies. This was largely due to the disappointing data coming out from China.

US economy may seems to have find its footing with the recent data and reports but Asia and Euro zone are not looking so positive with a faltering growth outlook.

According to a news report from Reuters, the European Central Bank, which will meet later this week, is expected to increase its stimulus program. While the U.S. Federal Reserve is not expected to raise interest rates at its meeting on March 15-16, the central bank has said it is on track to raise rates gradually this year.

The gainers on New York stock exchange outnumbered decliners by 2,076 to 542 while 1,576 counters rose and 582 fell on the Nasdaq.