Stocks Rebound as Oil Prices Drop and Bond Market Pressure Eases
US stocks made a comeback on Thursday as oil prices dropped and bond market pressure eased, helping to recover most of their losses for the week.
The S&P 500 climbed 1.1% and was potentially heading for its best day in six weeks, while the Dow Jones Industrial Average rose 346 points, or 0.7%, with an hour remaining in trading.
The oil price drop helped to pull yields lower in the bond market and removed some pressure on stocks. The yield on the 10-year Treasury fell to 4.94% from 5.01% late Wednesday.
Federal Reserve officials raised the short-term interest rate by a quarter of a percentage point for its first hike in more than three years, indicating at least one more increase may be coming this year and that the Fed may keep the federal funds rate high through next year.