Tech Stocks Boost US Market as Oil Prices Continue to Rise

The US stock market rose on Thursday despite rising oil prices as bond yields eased and technology stocks led the way higher.

The S&P 500 increased by 1.1%, while the Dow Jones Industrial Average added 634 points, or 1.2% as of 12:42 p.m. Eastern time. The Nasdaq composite rose 1.4%.

Gains in big technology and communication services stocks were a major driver of the market's increase. Microsoft rose 3.1%, Apple gained 1.5%, and Meta climbed 3.5%. Nvidia also increased by 1.5% after announcing its plan to acquire AI platform Hugging Face for $13 billion.

Bond yields showed signs of stabilizing, with the yield on the 10-year Treasury dropping to 4.75% from 4.79% late Wednesday, and the yield on the 2-year Treasury sliding to 4.33% from 4.39%. Rising oil prices have added to existing inflationary pressures and exacerbated a bond-market sell-off earlier this week.