Forex
Oil Price Drop Boosts US Stocks Amid Easing Interest Rate Pressure
US stocks are rebounding after falling oil prices and easing pressure from the bond market helped Wall Street reverse many of its losses from the previous day.
The Federal Reserve raised its main interest rate for the first time in years on Wednesday, suggesting more hikes may be ahead as it tries to control high inflation. However, a drop in Brent crude oil prices to $104.82 - down 1% from earlier in the week - helped yields lower in the bond market and removed some pressure on stocks.
The S&P 500 climbed 1.1%, potentially heading for its best day in six weeks, while the Dow Jones Industrial Average was up 346 points, or 0.7%. The Nasdaq composite rose 1.6%.