Market Rebound: Stocks Surge After Fed Rate Hike

The stock market rebounded strongly on Thursday morning after the Federal Reserve's rate hike on Wednesday sent shockwaves through Wall Street.

The Nasdaq Composite rose 1.4%, the S&P 500 added 0.9%, and the Dow gained 0.4% by late Thursday morning.

Intel, the tech giant, led the charge with an 8.6% jump after its CEO announced that capacity and memory shortages were limiting it to just half of CPU demand.

This news boosted other chip stocks as well, including Nvidia, which rose 2.5%, and Advanced Micro Devices, up 6.2%. Micron Technology and SK Hynix also benefited from the trend, climbing 5.8% and 3.9%, respectively.