US Stocks Bounce Back on Lower Oil Prices, Fed Rate Hike
US stocks rebounded on Thursday as crude oil prices edged lower and investors digested the Federal Reserve's first interest rate hike in over three years.
The Dow Jones Industrial Average rose 316.14 points, or 0.61 percent, to 51,778.04. The S&P 500 added 85.95 points, or 1.14 percent, to 7,637.76. The Nasdaq Composite Index increased by 439.88 points, or 1.69 percent, to 26,418.3.
Nine of the 11 primary S and P 500 sectors ended in the green, with technology and consumer discretionary leading the gainers by adding 2.2 percent and 1.43 percent, respectively. Financials and consumer staples were the only laggards by falling 0.1 percent and 0.01 percent, respectively.
Equities found upward momentum as market participants reassessed Federal Reserve Chairman Kevin Warsh's hawkish remarks at a post-meeting press conference. Analysts noted that the policy move helped reinforce the central bank's inflation-fighting credibility.