US stocks advanced today in light trading as Wall Street recovered from the previous session’s selloff and awaited tomorrow’s expected interest rate hike from the Federal Reserve.

WITH oil prices pushing new record highs, Wall Street analysts say the market may need to see an easing of that pressure for stocks to rise this week.

Wall Street retrenched today as the trade deficit widened and oil prices surged, while a weak quarterly report from Dell also disheartened the US market.

Wall Street had a surge of optimism today, sending stocks higher after investors interpreted a Federal Reserve report on the economy as a sign that the Fed’s year-long string of interest rate hikes may be nearing an end.