Oil prices rose on Wednesday above $42 after the U.S. stock market rose a day earlier.

Crude oil for march delivery traded at $42.14 per barrel at 8:02 a.m. in Singapore, according to Bloomberg. Oil settled at $41.58 a barrel yesterday after falling more than $4.

The S&P 500 index rose 2.55 percent yesterday. The Dow and Nasdaq rose 1.84 percent and 2.38 percent respectively.

Markets reacted positively to expectations that upcoming government moves could reduce instability in the financial system.

Lawmakers are zoning in on a federal spending boost and Federal Reserve policy makers are set to announce additional money policy steps today increase available credit.