Stocks Surge as Fed's Hawkish Turn on Inflation Boosts Confidence

The US stock market rebounded on Thursday after falling oil prices and easing bond market pressure reversed many of its previous day's moves.

Stocks in the S&P 500 jumped 1.1% for its second rise in nine days, with the Dow Jones Industrial Average adding 316 points or 0.6%, and the Nasdaq composite climbing 1.7%

The price of Brent crude oil dropped to $104.82 per barrel after earlier reaching nearly $110 due to war concerns, which also pulled yields lower in the bond market.

Fed Chairman Kevin Warsh cited geopolitics and inflation threats as reasons for raising interest rates by a quarter of a percentage point, with officials signaling one more hike this year to control high inflation.