Market Surges Despite Rate Hike as Fed Reassures on Independence

The US stock market is experiencing a sharp rally following Wednesday's interest rate hike by the Federal Reserve. The Nasdaq 100 has surged by approximately 1.5%, with the S&P 500 and Dow Jones posting gains of 0.9% and 0.4%, respectively.

A key factor behind this movement is the drop in 10-year US Treasury yields, which have fallen by a full 1.6%. This decline can be attributed to easing concerns regarding the FOMC's loss of independence and falling crude oil prices.

The price of Brent crude oil has decreased by around 5% from its local highs earlier this week, currently trading at just over $103 per barrel. Investors have welcomed assurances that the damaged pipeline is expected to resume operations within the next few days.