As we predicted this morning, a strong durable goods order report offset concerns about the U.S. economy and sluggish oil prices. Markets rallied as manufacturing data signaled renewed confidence that production of durable goods is shaking off a weak December-ending quarter. How long can the rally hold for? That’s what we’re going to find out tomorrow (Friday) when the U.S. Commerce Department reports its second revision of GDP for the fourth quarter.

So let’s get started on what happened in the markets on Feb. 25, 2016.

First up, check out the results for the Dow Jones Industrial Average, S&P 500, and Nasdaq:

Dow Jones: 16,697.29; +212.30;+1.29%

S&P 500: 1,951.70; +21.90; +1.14%

Nasdaq: 4,582.21; +39.60; +0.87%

Now, here’s the top stock market news today…

DJIA Today: Buffett Under Pressure, Fed Follies, and Energy Rallies

Another China stock market crash happened earlier today (Thursday) as worries about market liquidity in the nation intensified. For U.S. investors, the China stock market crash hits close to home because every major sell-off in China will have a massive impact on global stocks in 2016.

Oil prices were on the rise today, with Brent crude jumping 2.6% to $35.29. Traders appeared optimistic about news that global oil producers plan to meet in March to discuss a proposed production freeze. However, as Money Morning Global Energy Specialist Dr. Kent Moors explains, markets and commentators seem to be missing the fact that what is happening with falling oil prices over the last year isn’t an oil supply problem. It’s a supply expectation problem. This is the energy elephant in the room that no one is talking about and you need to know moving forward.

But the big talk this afternoon centered on the U.S. Federal Reserve and global markets. All hands are on deck at the Fed to assure investors the U.S. economy is growing stronger and that 2016 will not feature a recession. This afternoon, San Francisco Fed President John Williams praised the health of the economy despite the stock market’s volatility over the last two months.