US Stock Market Sees Strong Rebound on Fed Rate Hike Bounce
The US stock market saw a significant rebound on Thursday, September 17, after its initial reaction to the first rate hike by the Fed in three years. The Dow Jones Index rose 0.34%, with the Nasdaq leading the charge at 1.49%. This bounce back was attributed to lower oil prices and weaker treasury yields.
Technology stocks were a major contributor to this recovery, with Nvidia's quarterly revenues hitting $96.2 billion, a 106% increase from the same period last year. The 10-year Treasury yield fell below 5%, which helped equity markets recover on Thursday.
The Fed's rate hike had a mixed impact on global markets, with European benchmarks generally stronger while Hong Kong and South Korea lagged. Copper prices also rose to their highest point since September 10, driven by speculation in infrastructure, electrification, and data center construction.