EDITOR'S NOTE
Stocks rallied across the board on Thursday as fears about a crisis in China's property market eased. All three major averages climbed back into the green for the week.
Strategists feared that if Chinese property developer Evergrande defaulted on its loans, the aftershocks could ripple through the global markets. However, investors were comforted by the idea that the Chinese government would intervene to reduce any serious calamity. As they awaited news on whether Evergrande would make an interest payment by a Thursday deadline, they also jumped into global economic recovery stocks.
Markets also reacted positively to the outcome of the Fed’s September meeting on Wednesday. The central bank kept benchmark interest rates unchanged, while indicating no immediate intention of removing stimulus policies. 
“A hawkish Fed was surprisingly welcomed by equity markets as it was seen as a confirmation of continued strength and ‘substantial progress’ made by the economy in recovering from the Covid shock,” said Commonwealth Financial Network's Anu Gaggar.
“While we are far from the end of QE and near-zero rates, the tide seems to be beginning to change," Gaggar said. "So far, the market had welcomed bad news as good news, but a market reacting to signs of an economy able to stand on its own without the monetary policy crutches is a refreshing change."
Energy stocks rallied as U.S. West Texas Intermediate crude futures rose. Oil settled at $73.30. Shares of APA and Devon Energy closed over 7% higher.
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