US Stocks Rebound After Fed Rate Hike Decision

Stocks in the US rose on Thursday after falling oil prices and easing bond market pressure helped Wall Street recover from losses incurred due to the Federal Reserve's interest rate hike decision. The S&P 500 climbed 1.1% with the Dow Jones Industrial Average up 357 points or 0.7%, while the Nasdaq composite was 1.6% higher.

The decline in oil prices, particularly for Brent crude which fell to $103.15 from nearly $110 earlier in the week, helped reduce yields in the bond market and alleviated pressure on stocks. The yield on the 10-year Treasury dropped to 4.94% from 5.01% late Wednesday.

Despite concerns about higher interest rates slowing down the economy, some reports suggested that the US economy may be strong enough to withstand the rate hikes. A report showed fewer US workers applied for unemployment benefits last week, and another indicated manufacturing growth in the mid-Atlantic region was stronger than expected.