US Stocks Jump as Oil Prices Fall and Bond Yields Ease
The US stock market experienced its best day in six weeks on Thursday as oil prices fell and pressure from the bond market eased, helping Wall Street reverse many of its moves from the prior day.
The S&P 500 rose 1.1%, while the Dow Jones Industrial Average added 316 points or 0.6%, and the Nasdaq composite climbed 1.7%.
The decline in oil prices, with Brent crude falling to $104.82 from nearly $110 earlier in the week, helped reduce yields in the bond market and alleviate pressure on stocks. The yield on the 10-year Treasury fell to 4.93% from 5.01% late Wednesday.
The Federal Reserve's decision to raise short-term interest rates by a quarter of a percentage point for its first hike in more than three years also contributed to the market's recovery, despite initial losses after the Fed's announcement on Wednesday.