Stocks Rally as Crude Prices and Bond Yields Fall

Stocks rallied today as crude prices and bond yields fell. The S&P 500 Index is up by +0.91%, while the Dow Jones Industrial Average is up by +0.45%. The Nasdaq 100 Index rose by +1.31%.

Falling oil prices eased inflation concerns, which in turn knocked down bond yields. WTI crude is down more than -2% on signs that supply disruptions in the Middle East are set to ease.

The 10-year T-note yield fell to 4.96%, down from a recent high. This decline was also influenced by the Federal Reserve's +25 bp rate hike on Wednesday, which reassured investors that the Fed is committed to taming inflation.