Markets rally, may not be sustainable

Markets rose on Thursday.

The S&P 500 gained 0.5 percent, the STOXX Europe 600 jumped 1.9 percent and the Nikkei 225 surged 3.3 percent.

US crude-oil prices rose 4.2 percent.

The European Central Bank left its key interest rates unchanged at its monetary policy meeting on Thursday but President Mario Draghi's remark that officials will “review and therefore possibly reconsider” the bank’s monetary policy at their next meeting in March may have boosted investor sentiment.

However, confidence in tne longer-term outlook for markets appears weak.

“I don’t think the downside is done,” said Peter Tuchman, floor broker for Quattro M. Securities. “The market just cannot sustain a rally.”