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Can Dovish Fed Keep the Dow Jones Rally Going?

U.S. equities bounded higher on Wednesday, pushing big-cap tech stocks up for the fourth day in a row and for the fifth day out of the previous six trading sessions. All the "FANG" stocks - Facebook Inc (NASDAQ: FB ),, Inc. (NASDAQ: AMZN ), Netflix, Inc. (NASDAQ: NFLX ) and Google parent Alphabet Inc (NASDAQ: GOOG , NASDAQ: GOOGL ) - are back above their 50-day moving averages. And recent momentum favorites like Nvidia Corporation (NASDAQ: NVDA ) are surging higher as well.

The recent struggle for direction, at least on the surface, appears to have passed. Yet breadth measures continue to erode, suggesting it's too early to yet sound the all-clear.

In the end, the Dow Jones Industrial Average gained 0.6%, the S&P 500 gained 0.7%, the Nasdaq Composite gained 1.1% and the Russell 2000 gained 0.8%.

Treasury bonds rallied after hitting some support, the dollar came under pressure, gold gained 0.4% and oil gained for the third straight session, adding 1% as a stockpile draw and reports Saudi Arabia reduced exports in August offset worries about increasing U.S. output.

Breadth was heavily positive, amid a short covering dynamic, with advancers outpacing decliners 3.4 to 1. But volume was light on the...