March 17, 2016 11:15 eastern

Markets are strong this morning and oil has surged 2.4% to $41.

Melcor’s stock is up 1.7% to $14.00. But that is on its usual tiny volume and is really almost no reaction to the earnings report given that it should be up with the oil prices.

Fedex is up 10.5% on strong earnings. I have not looked at it the report but understand it may have been more on cost-cutting than volume. But in any case it is still one more indication that the U.S. economy is doing okay.