US Stocks Rebound as Oil Prices Fall and Bond Market Eases
US stocks rebounded on Thursday after oil prices fell and pressure from the bond market eased. The S&P 500 climbed 1.1% and was potentially heading for its best day in six weeks, while the Dow Jones Industrial Average was up 346 points or 0.7%, and the Nasdaq composite was 1.6% higher.
Falling oil prices helped pull yields lower in the bond market and removed some pressure on stocks. The price of a barrel of Brent crude oil slid 1% to settle at $104.82, down from nearly $110 it reached earlier in the week due to worries about the war with Iran.
The Federal Reserve hiked its main interest rate for the first time in years on Wednesday and suggested more may be ahead as it tries to get the nation's high inflation under control. The signals sent Wall Street on a roller coaster, but stocks eventually recovered from their losses.